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- NZD/USD Price Analysis: Refreshes two-year low near 0.6250 inside monthly falling channel
NZD/USD Price Analysis: Refreshes two-year low near 0.6250 inside monthly falling channel
- NZD/USD takes offers to renew multi-day low, ignores Wednesday’s corrective pullback.
- Bearish chart pattern hints at further downside but RSI signals limited room to the south.
- Convergence of 10-DMA, channel’s resistance line restricts short-term rebound, if any.
NZD/USD stands on slippery grounds during early Thursday morning in Europe, dropping to the fresh low since June 2020 while taking offers near 0.6255 by the press time.
In doing so, the Kiwi pair might have reacted to the latest risk-off mood, as well as the US dollar rebound, while staying inside a one-month-old descending trend channel.
Considering a no-stop road to the south and the latest sour sentiment, NZD/USD is likely to remain bearish, approaching the support line of the stated channel, near 0.6190 by the press time.
Though, the RSI conditions are oversold and may test the bears around the 0.6200 round figure.
Alternatively, the previous support line from August 2021, close to 0.6350, will act as immediate resistance.
However, buyers will wait for a clear break of the 0.6390 resistance confluence, encompassing the 10-DMA and the stated channel’s upper line, to regain short-term optimism.
NZD/USD: Daily chart
Trend: Bearish
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