NZD/USD bounces off a multi-week-old support line but stays below 61.8% Fibonacci retracement. A descending trend line from late-January adds to the resistance. November 2019 low can return to the chart during further declines. NZD/USD consolidates losses to 0.6395, up 0.15%, during early Wednesday. The pair recently took a U-turn from a horizontal line stretched from November 19. Though, the quote still remains below 61.8% Fibonacci retracement of its October-December 2019 upside. In addition to the immediate key Fibonacci resistance near 0.6415, a downward sloping trend line since January 24, 2020, around 0.6435, also questions the pair’s latest recovery. Furthermore, a confluence of 50% Fibonacci retracement and 100-day SMA, close to 0.8480/85, becomes the tough nut to crack for buyers. Alternatively, the pair’s daily closing below 0.6377 will open the door for the extended declines to November 2019 low surrounding 0.6315. Also up on the sellers’ radar post-0.6315 will be October 16, 2019 bottom and October 2019’s monthly low, respectively around 0.6240 and 0.6200. NZD/USD daily chart Trend: Pullback expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Singapore’s FinMin Heng: SGD exchange rate has sufficient band to move as appropriate FX Street 2 years NZD/USD bounces off a multi-week-old support line but stays below 61.8% Fibonacci retracement. A descending trend line from late-January adds to the resistance. November 2019 low can return to the chart during further declines. NZD/USD consolidates losses to 0.6395, up 0.15%, during early Wednesday. The pair recently took a U-turn from a horizontal line stretched from November 19. Though, the quote still remains below 61.8% Fibonacci retracement of its October-December 2019 upside. In addition to the immediate key Fibonacci resistance near 0.6415, a downward sloping trend line since January 24, 2020, around 0.6435, also questions the pair’s latest recovery. Furthermore,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
