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NZD/USD technical analysis: On its way to falling wedge support

  • A failure to rise beyond 100-HMA drags NZD/USD to eight-day low.
  • 200-HMA adds to the resistance while 0.6377 seem the key support below the formation.

Having reversed from 100-hour moving average (HMA), NZD/USD drops to 0.6418 during Monday’s Asian session.

Prices are now declining towards support-line of the seven-day-old falling wedge bullish formation, at 0.6407, a break of which can recall early-month low surrounding 0.6377.

On the upside, pattern-resistance and 100-HMA offer a strong north-side barrier to the pair near 0.6440/41 while 200-HMA stands ready to validate the pair’s strength at 0.6455.

In a case prices rally beyond 0.6455, August 09 high around 0.6500 and 61.8% Fibonacci retracement near 0.6510 could lure buyers.

NZD/USD hourly chart

Trend: Bearish

 

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