Further downside past 0.6100 appears more impulsive.
NZD/USD stands on slippery ground as it renews its intraday low near 0.6060 heading into Tuesday’s European session, printing the biggest daily loss, so far, in a week.
In doing so, the Kiwi pair justifies late previous week’s inability of the bulls to retake control after breaking an upward-sloping support line from October on August 02.
It’s worth noting that the Kiwi pair’s recovery beyond 0.6230 appears elusive unless crossing July’s peak of around 0.6415.
On the flip side, a 50% Fibonacci retracement of October 2022 to February 2023 upside, near 0.6025, can restrict the short-term downside of the NZD/USD price.
Following that, June’s low of 0.5985 and the 61.8% Fibonacci retracement level surrounding 0.5900 will lure the Kiwi bears.
To sum up, NZD/USD remains on the bear’s radar and appears set to challenge the yearly low marked in June surrounding 0.5985 as the US Dollar extends the week-start recovery amid sour sentiment.
NZD/USD stands on slippery ground as it renews its intraday low near 0.6060 heading into Tuesday’s European session, printing the biggest daily loss, so far, in a week.
In doing so, the Kiwi pair justifies late previous week’s inability of the bulls to retake control after breaking an upward-sloping support line from October on August 02.
It’s worth noting that the Kiwi pair’s recovery beyond 0.6230 appears elusive unless crossing July’s peak of around 0.6415.
On the flip side, a 50% Fibonacci retracement of October 2022 to February 2023 upside, near 0.6025, can restrict the short-term downside of the NZD/USD price.
Following that, June’s low of 0.5985 and the 61.8% Fibonacci retracement level surrounding 0.5900 will lure the Kiwi bears.
To sum up, NZD/USD remains on the bear’s radar and appears set to challenge the yearly low marked in June surrounding 0.5985 as the US Dollar extends the week-start recovery amid sour sentiment.