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- NZD/USD Price Analysis: Pokes immediate support with eyes on 0.6420 retest
NZD/USD Price Analysis: Pokes immediate support with eyes on 0.6420 retest
- NZD/USD remains pressured for the fifth consecutive day, pokes immediate support.
- Sustained trading below weekly resistance, 50-HMA joins downbeat MACD signals to favor bears.
- Three-week-old horizontal support appears tough nut to crack for bears.
NZD/USD flirts with the nearby support line as it dribbles around 0.6445-50, printing five-day downtrend during Thursday’s Asian session.
Given the Kiwi pair’s multiple failures to cross the 50-HMA, as well as sustained trading below the weekly resistance line, not to forget bearish MACD signals, the quote is likely to decline further.
That said, a clear downside break of the immediate support near 0.6440 will quickly direct NZD/USD prices towards a three-week-old horizontal support line of 0.6420.
In a case where the Kiwi pair remains pressured below 0.6420, the 0.6400 threshold and late May swing low near 0.6365-60 could lure the bears.
On the flip side, recovery moves need to cross the convergence of the 50-HMA and aforementioned resistance line, near 0.6460-65, to retake control.
Following that, the 0.6500 threshold will precede 0.6520 and 0.6560 hurdles to the north before directing NZD/USD bulls towards the monthly high of 0.6576.
NZD/USD: Hourly chart
Trend: Further weakness expected
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