Market news

26 November 2021

NZD/USD Price Analysis: Drops further towards yearly low near 0.6800

  • NZD/USD prints six-day south-run to refresh the three-month low.
  • Clear break of 14-month-old support line directs bears to yearly low, September 2020 high.
  • Three-week-long resistance line resistance line adds to the upside filters.

NZD/USD remains pressured around 0.6825 after dropping to the lowest since late August during early Friday. That said, the Kiwi pair registers 0.50% intraday loss while printing the six-day downtrend.

Having conquered a 14-month-old support line, NZD/USD bears smashed 61.8% Fibonacci retracement (Fibo.) of September 2020 to February 2021 upside, which in turn suggests the quote’s further weakness towards the yearly bottom of 0.6805.

Though, oversold RSI conditions may trigger a corrective pullback from the 0.6805 threshold, if not then the September 2020 peak of 0.6800 will act as an extra filter before directing the quote towards 78.6% Fibo. near 0.6715.

Alternatively, 61.8% Fibonacci retracement level of 0.6875 and the previous support line near 0.6900 guards short-term NZD/USD upside.

Following that, a confluence of the 50% Fibo. and short-term descending trend line, as well as the mid-November’s swing high, respectively around 0.6990 and 0.7085, will lure the pair buyers.

Overall, NZD/USD bears keep reins but the 0.6805-6800 region appears a tough nut to crack for them.

NZD/USD: Daily chart

Trend: Further weakness expected

 

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