NZD/USD Price Analysis: Ascending triangle break keeps sellers hopeful below 0.6550

  • NZD/USD probes intraday low as Auckland’s level 3 lockdown gets extended till August 30.
  • Break of short-term triangle, sluggish MACD favor the bears.
  • 200-HMA adds to the upside barriers beyond 0.6550.

NZD/USD drops to 0.6530, down 0.15% on a day, during the early Monday. The kiwi pair slipped after the New Zealand government announced an extension of level 3 lockdown in Auckland till August 30.

In doing so, the pair breaks immediate ascending triangle formation, which in turn gets support from the sluggish MACD histogram conditions.

As a result, sellers can aim for 0.6500 support during the further declines ahead of targeting the monthly low of 0.6488.

In a case where the bears remain dominant past-0.6488, July month’s bottom surrounding 0.6445/40 can entertain the traders before diverting them to the multiple supports around 0.6385/80 area including lows marked in late-June.

Meanwhile, the support-turned-into-resistance line near 0.6535 will precede the triangle resistance of 0.6550 and 200-HMA level of 0.6557 to challenge the intraday bulls.

If at all the NZD/USD prices manage to cross 0.6557 mark, the 0.600 rounds-figures and the previous week’s top near 0.6650 will be in the spotlight.

NZD/USD hourly chart

Trend: Further downside expected

 

Join the Discussion

Your email address will not be published. Required fields are marked *

Back to top