50-day SMA, 23.6% Fibo. keep latest recovery in check

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  • NZD/USD stays around the three-week low.
  • An ascending trend line since October-start acts as near-term key support.
  • Bulls look for a sustained break of 100-day SMA.

The NZD/USD pair’s recent recovery from the lowest since October 17 confronts immediate resistance-confluence while taking the bids to 0.6343 during early Monday.

A daily closing beyond 50-day Simple Moving Average (SMA) and 23.6% Fibonacci retracement of July-October declines, around 0.6340/45 become necessary for buyers to confront one-week-old falling trend line resistance, at 0.6365.

Though, pair’s sustained rise beyond 0.6365 will escalate the upside towards 0.6400, 38.2% Fibonacci retracement level near 0.6430 and 100-day SMA level of 0.6455.

Alternatively, an upward sloping trend line since early-October, at 0.6294, offers nearby strong support to the quote, a break of which could trigger fresh declines to 0.6240 and 0.6200 rest-points.

NZD/USD daily chart

Trend: Bearish

 



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