NZD/USD Price Analysis: Bears on verge of test of trendline support

NZD/USD is uner pressure in early Asia and has moved into a bearish environment.
There has been a rejection of the correction which opens prospects of a retest of trend line support.

Ross J Burland FXStreet

NZD/USD is failing to correct higher than a 38.2% Fibonacci retracement of the latest downside impulse and is now trading below a 15-min 21 moving average in bearish conditions.

This gives rise to the possibility of another test of the trendline support and a lower low on the hourly time frame.

H1 chart

15-min chart

A restest of the most current 15-minute resistance structure offers the trader a discount in the pursuit of lower lows.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD looks to regain the 200-day SMA

EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold bounces off lows, back above $5,100

Gold remains on the defensive, eroding part of the recent multi-day advance and managing to trade back above the $5,100 mark per troy ounce on Tuesday. The precious metal initially dropped just below the critical $5,000 threshold on the back of the persistent strength of the Greenback, higher US Treasury yields across the curve and investors' repricing of Fed rate cuts.