- NZD/USD extends losses from 10-day SMA, one-week-old resistance line.
- Weekly low can offer immediate support ahead of 200-day SMA.
- Buyers may aim to fresh monthly top beyond immediate moving average.
NZD/USD drops to 0.6415, intraday low of 0.6406, during the early Friday. The kiwi pair recently refreshed the four-day low while stretching its pullback below a short-term falling trend line resistance and 10-day SMA.
As a result, the quote is expected to remain pressured for a while. In doing so, the sellers may target the weekly low near 0.6380 as immediate support. However, the 200-day SMA level of 0.6322 might question the bears afterward.
In a case where the NZD/USD prices stay depressed below 200-day SMA, May 27 high around 0.6230 might offer an intermediate halt during the fall to 61.8% Fibonacci retracement of May-June upside, at 0.6175.
On the upside, an immediate resistance line near 0.6362 and a 10-day SMA level of 0.6371 will guard the pair’s near-term recovery moves before challenging the weekly surrounding 0.6510.
However, the pair’s ability to stay strong beyond 0.6510 enables it to probe the monthly high close to 0.6585 while aiming 0.6600 round-figure.
NZD/USD daily chart
Trend: Bearish
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