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NZD/USD technical analysis: Faces rejection near 0.6600 handle, dip-buying to help limit the downside

2019-06-21 16:50

  • The NZD/USD pair stalled its recent up-move near 61.8% Fibo. level of the 0.6682-0.6488 recent slide and snapped four consecutive days of winning streak.

  • However, the intraday slide now seems to have found some support near 50-hour SMA, which is followed by 38.2% Fibo. level support near the 0.6560 region.

With technical indicators on the 1-hourly chart starting to gain negative momentum, a convincing break below the mentioned support now seems to accelerate the slide further towards 23.6% Fibo. level en-route the next major support near the 0.6530-25 region.

Meanwhile, oscillators on the 4-hourly chart maintained their bullish bias and have also recovered from the negative territory on the daily chart, suggesting that any meaningful dips are more likely to be seen as a buying opportunity amid the latest dovish shift by the FOMC.

On the flip side, bulls are likely to wait for a sustained move beyond the mentioned resistance, near the 0.6600 handle, above which the pair is likely to aim towards testing monthly swing highs, around the 0.6680 region with some intermediate resistance near mid-0.6600s.

NZD/USD 1-hourly chart


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