NZD/USD falls below key short-term support

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The NZD/USD pair recorded NZD/USD Low for the fourth consecutive day after drawing a Doji candle Dragonfly Wednesday.

A 2-week downtrend line guards the current bounce, and 0.6400 could provide intermediate support ahead of the monthly low.

The NZD/USD pair fluctuates NZD/USD around the 0.6415 area as it heads towards the European opening on Tuesday. However, the pair remains below the horizontal support in the short term.

As a result, sellers can target monthly lows near the 0.6375 region in case of further declines, as indicated by the MACD. MACD Downward. However, the 0.6400 barrier could provide intermediate support.

If NZD/USD prices continue NZD/USD Falling below 0.6375, bears could target the November bottom around 0.6315 and 0.6300.

Alternatively, the pair's rebound above the broken support-turned-resistance at 0.6420 needs to surpass the 2-week descending trend line, now located at 0.6475, in order to challenge the monthly top near the 0.6500 region.

NZD/USD NZD/USD4 hour chart,

NZD/USD falls below key short-term support

direction: descending


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