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13 Aug 2020

NZD/USD Price Analysis: Flirts with session lows near 0.6565 area, remains vulnerable

  • NZD/USD faced rejection near the 0.6600 and has now drifted into the negative territory.
  • The technical set-up favours bearish traders and supports prospects for further weakness.

The NZD/USD pair failed to capitalize on the previous day's goodish intraday bounce from near one-month lows and faced rejection near the 0.6600 mark on Thursday. The intraday selling bias has now drifted the pair into the negative territory, with bears now looking to extend the slide towards the lower boundary of a three-week-old descending channel.

Meanwhile, technical indicators on the daily chart have just started drifting into the bearish territory and reinforce the near-term negative outlook. Hence, some follow-through weakness back towards challenging the mentioned trend-channel support, currently around the 0.6515 region, now looks a distinct possibility.

Some follow-through selling will confirm a near-term bearish breakdown and set the stage for a further near-term depreciating move. The pair might then turn vulnerable to break below the key 0.6500 psychological mark and accelerate the fall towards the 0.6400 round-figure mark en-route the next major support near the 0.6380 region.

On the flip side, the 0.6600 mark now seems to have emerged as immediate strong resistance. A sustained move beyond might trigger some near-term short-covering move and lift the pair further beyond weekly tops, around the 0.6625 region, towards challenging the trend-channel resistance, currently near mid-0.6600s.

NZD/USD 4-hourly chart

fxsoriginal

Technical levels to watch

 

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