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22 Sep 2022

NZD/USD Price Analysis: Refreshes 2.5-year low, vulnerable to test 0.5470

  • NZD/USD takes offers to refresh multi-month low, prints four-day downtrend.
  • Clear downside break of four-month-old descending trend line, 78.6% Fibonacci retracement favor sellers.
  • Oversold RSI may trigger corrective bounce on the way to year 2020 bottom.

NZD/USD takes offers to refresh the 30-month low as it drops to 0.5810 during Thursday’s Asian session. In doing so, the Kiwi pair extends the previous day’s downside break of a four-month-old support line, as well as the 78.6% Fibonacci retracement of the 2020-21 upside.

With bearish MACD signals supporting the quote’s latest break of the previous key support, the prices are likely to decline towards the year 2020 low near 0.5470.

However, the oversold RSI (14) may offer intermediate halts during the south run.

In that case, the round figures near 0.5800 and 0.5500 may offer breathing spaces to the NZD/USD bears.

Alternatively, recovery remains elusive unless the quote stays below the 78.6% Fibonacci retracement level near the 0.5900 threshold.

Also likely to challenge the pair’s immediate rebound is the support-turned-resistance from May, around 0.5870.

Even if the NZD/USD prices rally beyond the 0.5900 mark, the 0.6000 psychological magnet and the monthly high near 0.6165 could challenge the quote’s further upside.

NZD/USD: Daily chart

Trend: Further downside expected

 

Sep 22, 2022

GBP/JPY declines towards 162.00 despite odds of widening BOE-BOJ policy divergence

The GBP/JPY pair has surrendered the critical support of 162.20 in the Asian session and is declining towards 162.00 modestly. The asset has turned be
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Sep 22, 2022

S. Korea's Yoon, Biden reaffirm cooperating on stabilizing markets if needed – Yonhap

Following a meeting with US President Joe Biden in New York, South Korean President Yoon Suk-yeol asked Biden to resolve Seoul's concerns over the US
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