NZD/USD bounces off intraday low after easing from four-month-old horizontal resistance earlier in Asia. Bearish MACD, failures to cross immediate key hurdle favor sellers. Confluence of 61.8% Fibonacci retracement, 200-day SMA challenges the bears. NZD/USD trims early Asian session losses while picking up the bids to 0.6990, down 0.24% on a day, during Monday’s initial trading. Even so, the quote stays below a horizontal area from late November 2020 that triggered the latest pullback. Given the bearish MACD signals and the quote’s failures to cross the key resistance around 0.7005-10, bears are likely to keep the reins until the quote flashes a daily closing above 0.7010. However, the NZD/USD sellers don’t have much to cheer as the yearly low near 0.6945 holds the key to the quote’s downside targeting 0.6875 support convergence including 200-day SMA and 61.8% Fibonacci retracement level of September-February upside. Meanwhile, an upside clearance of 0.7010 may not hesitate to challenge the 0.7100 thresold comprising multiple lows marked since January 18 and 38.2% Fibonacci retracement level. Overall, NZD/USD is witnessing a corrective pullback that needs justification before recalling the buyers. NZD/USD daily chart Trend: Further downside 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 US Sec. of State Blinken: Aspects of American-Sino ties are ‘increasingly adversarial’ FX Street 8 months NZD/USD bounces off intraday low after easing from four-month-old horizontal resistance earlier in Asia. Bearish MACD, failures to cross immediate key hurdle favor sellers. Confluence of 61.8% Fibonacci retracement, 200-day SMA challenges the bears. NZD/USD trims early Asian session losses while picking up the bids to 0.6990, down 0.24% on a day, during Monday's initial trading. Even so, the quote stays below a horizontal area from late November 2020 that triggered the latest pullback. Given the bearish MACD signals and the quote's failures to cross the key resistance around 0.7005-10, bears are likely to keep the reins until the quote… Top 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.
