“¢ The pair continued with its struggle to make it through the 0.6900 handle and now seems to have formed a bearish double-top reversal chart pattern on hourly charts.
“¢ Despite the negative set-up, the downside remained cushioned and managed to find support around mid-0.6800s horizontal zone, warranting caution for bearish traders.
“¢ The mentioned support coincides with 50-hour SMA and remains key support to be broken for further downslide towards testing 100-day SMA support near the 0.6735 region.
“¢ On the flip side, a sustained move beyond the 0.6900 handle would invalidate the formation and pave the way for a move back towards challenging the 0.6940-50 supply zone.
NZD/USD 1-hourly chart
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NZD/USD
Overview:
Today Last Price: 0.6868
Today Daily change %: -0.19%
Today Daily Open: 0.6881
Trends:
Daily SMA20: 0.6829
Daily SMA50: 0.6788
Daily SMA100: 0.6737
Daily SMA200: 0.6752
Levels:
Previous Daily High: 0.6888
Previous Daily Low: 0.6814
Previous Weekly High: 0.6875
Previous Weekly Low: 0.6719
Previous Monthly High: 0.694
Previous Monthly Low: 0.6516
Daily Fibonacci 38.2%: 0.686
Daily Fibonacci 61.8%: 0.6842
Daily Pivot Point S1: 0.6834
Daily Pivot Point S2: 0.6787
Daily Pivot Point S3: 0.676
Daily Pivot Point R1: 0.6908
Daily Pivot Point R2: 0.6935
Daily Pivot Point R3: 0.6982
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