NZD/USD Price Analysis: Sellers break 200-HMA on the way to weekly support

NZD/USD remains pressured amid downbeat MACD signals, descending RSI line.
A clear break of 200-HMA also favor bears, bulls need to cross immediate horizontal line.
Downbeat China, Aussie data, US dollar gains add strength to the bearish bias.

Anil Panchal FXStreet

NZD/USD takes offers near 0.6553, down 0.28% intraday to refresh the day’s low, amid early Monday. The kiwi pair’s latest weakness could be traced to the weaker-than-expected data from Australia and China.

Read: AUD/USD drops towards 0.7300 on downbeat China Caixin Maunfacturing PMI

The quote’s drop below 200-HMA amid bearish MACD signals and downward sloping RSI line, not oversold, also justify the downbeat fundamentals, suggesting further weakness towards a short-term support line near 0.6930.

However, any further downside past a one-week-old ascending support line may not hesitate to challenge the yearly low near 0.6880.

On the flip side, corrective pullback below the 200-HMA level of 0.6970 will aim for an immediate horizontal hurdle surrounding 0.6990 and then to the 0.7000 threshold.

Though, a clear run-up past 0.7000 may recall short-term NZD/USD bulls targeting July’s top near 0.7105.

Overall, NZD/USD remains on the bears’ radar, indicating a fresh yearly low.

NZD/USD hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.6964
Today Daily Change	-0.0010
Today Daily Change %	-0.14%
Today daily open	0.6974

Trends
Daily SMA20	0.698
Daily SMA50	0.7068
Daily SMA100	0.7104
Daily SMA200	0.7094

Levels
Previous Daily High	0.7022
Previous Daily Low	0.6959
Previous Weekly High	0.7022
Previous Weekly Low	0.6902
Previous Monthly High	0.7106
Previous Monthly Low	0.6881
Daily Fibonacci 38.2%	0.6983
Daily Fibonacci 61.8%	0.6998
Daily Pivot Point S1	0.6948
Daily Pivot Point S2	0.6922
Daily Pivot Point S3	0.6885
Daily Pivot Point R1	0.7011
Daily Pivot Point R2	0.7048
Daily Pivot Point R3	0.7074

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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