Home NZD/USD Price Analysis: Dips below 23.6% Fib retracement
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NZD/USD Price Analysis: Dips below 23.6% Fib retracement

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  • NZD/USD pierces Fib support, eyes deeper decline.
  • The Daily chart indicators show signs of bull fatigue.

The NZD/USD pair looks south, having pierced a Fibonacci retracement level.  

The pair is currently trading in the red near 0.6827. The November rally’s 23.6% Fibonacci retracement level of 0.6838 was breached early today.  

The MACD histogram is now printing lower highs above the zero line, a sign of stalling of the upward momentum. Besides, the 4-hour chart relative strength index and the MACD have rolled over in favor of the bears.  

Lastly, the markets have turned risk-averse on fears that the US would reimpose the economically-damaging lockdown restrictions to contain the second wave of the coronavirus.  

All things considered, the pair risks falling to 0.6790, the 38.2% Fibonacci retracement of November’s rally.  

Daily chart

Trend: Bearish

Technical levels

 

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