“¢ The pair’s back to back failed attempt to make it through the 0.6900 handle constituted towards the formation of a bearish double-top reversal chart pattern on hourly charts.
“¢ A sustained weakness below 100-hour SMA was seen as a key trigger for intraday bearish traders on Thursday and prompted some aggressive selling during the Asian session.
“¢ A follow-through slide below the 0.6820-10 horizontal support, also coinciding with 200-hour SMA, confirms a bearish breakdown and sets the stage for a further downfall.
“¢ However, technical indicators on the 1-hourly chart are already pointing to slightly oversold conditions and seemed to be the only factor helping limit deeper losses, at least for now.
“¢ Meanwhile, oscillators on 4-hourly chart/daily charts have just started gaining negative momentum and point to further depreciation towards 100-day SMA support near the 0.6735 region.
NZD/USD 1-hourly chart
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NZD/USD
Overview:
Today Last Price: 0.681
Today Daily change %: -0.70%
Today Daily Open: 0.6858
Trends:
Daily SMA20: 0.6833
Daily SMA50: 0.6788
Daily SMA100: 0.674
Daily SMA200: 0.6752
Levels:
Previous Daily High: 0.6887
Previous Daily Low: 0.685
Previous Weekly High: 0.6875
Previous Weekly Low: 0.6719
Previous Monthly High: 0.694
Previous Monthly Low: 0.6516
Daily Fibonacci 38.2%: 0.6864
Daily Fibonacci 61.8%: 0.6873
Daily Pivot Point S1: 0.6843
Daily Pivot Point S2: 0.6828
Daily Pivot Point S3: 0.6806
Daily Pivot Point R1: 0.688
Daily Pivot Point R2: 0.6902
Daily Pivot Point R3: 0.6917
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