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- NZD/USD Price Analysis: RSI conditions, key technical levels prod Kiwi bears below 0.6200
NZD/USD Price Analysis: RSI conditions, key technical levels prod Kiwi bears below 0.6200
- NZD/USD stays pressured at the lowest level in three weeks, down for the third consecutive day.
- Downside break of 200-SMA, short-term key support line favor Kiwi bears.
- 61.8% Fibonacci retracement level, rising trend line from late May can test further downside amid oversold RSI.
NZD/USD remains depressed at the lowest level in three weeks, down half a percent near 0.6155 heading into Friday’s European session. In doing so, the Kiwi pair drops for the third consecutive day while justifying the downside break of the 200-SMA and an upward-sloping trend line from July 06.
It’s worth noting, however, that the market’s cautious mood ahead of the Fed’s favorite inflation gauge, namely the Core Personal Consumption Expenditure (PCE) Price Index for June, expected 4.2% YoY versus 4.6% prior, restricts the NZD/USD pair’s immediate fall.
Also limiting the Kiwi pair’s further downside is the oversold RSI and the 61.8% Fibonacci retracement level of its upside from late May to mid-July, close to 0.6150.
Even if the quote breaks the key Fibonacci retracement level surrounding 0.6150, often termed the golden Fibonacci ratio, the NZD/USD pair’s slump isn’t guaranteed as an ascending support line from late May, close to 0.6115, will act as the final defense of the bulls.
Meanwhile, NZD/USD recovery remains elusive below the three-week-long support-turned-resistance line, around 0.6180 by the press time.
Following that, the 200-SMA level of around 0.6205 and the weekly high surrounding 0.6275 could check the Kiwi pair buyers before giving them control.
NZD/USD: Four-hour chart
Trend: Further downside expected
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