NZD/USD Price Analysis: Renews yearly low under 0.6650, four-month-old support eyed
|- NZD/USD takes offers to refresh 14-month low during a six-day downtrend.
- RSI conditions may test bears around the key support line.
- December 2021 low, bearish MACD signals will challenge recovery moves.
NZD/USD stands on slippery grounds while declining to the fresh low since November 2020, down 0.35% intraday around 0.6630 amid early Thursday morning.
Given the quote’s sustained trading below the year 2021 low, coupled with the bearish MACD signals, NZD/USD prices are likely to remain weak.
However, oversold RSI conditions may challenge the pair sellers around a descending support line from late September, near 0.6610.
Should the quote keep declining below 0.6610, the 0.6600 round figure and lows marked during November 2020 around 0.6590 will probe the NZD/USD bears.
Meanwhile, an upside clear break of the 2021 low near 0.6700 will aim for a two-week-old resistance line near 0.6725.
It’s worth noting, however, that the NZD/USD bull’s dominance past 0.6725 will highlight a two-month-old resistance line near 0.6795-6800.
NZD/USD: Daily chart
Trend: Further weakness expected
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