NZD/USD Price Analysis: Bears seeking a daily downside extension
- NZD/USD moves in on the critical daily resistance.
- NZD/USD bears are seeking a break of channel support.
NZD/USD bears are moving in at a critical level of resistance and are seeking a break of 4-hour support which guards channel support and prospects of a lower daily low.
NZD/USD daily chart
The price is meeting a 61.8% Fibonacci confluence with prior lows and the 21-day EMA which would be expected to act as a tough level of resistance.
Bears will be seeking a break of the dynamic trendline support to target fresh lows towards 0.6850.
NZD/USD 4-hour chart
The bears will need to get below the 4-hour support for a higher probable ride to lower lows.
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July 22, 2021 at 02:12PM