NZD/USD sharply declines below historical levels

Source: Dukascopy Bank SA


On April 4, the NZD/USD currency rate shortly reached above the 0.7000 mark. However, the buying pressure was not enough to cause a follow up surge. Instead, the rate eventually passed below the support of the 200-day simple moving average, then broke the channel up pattern, confirmed the 200-day SMA as resistance. Afterwards, the 50-day simple moving average near 0.6830 and the 0.6800 were confirmed as resistance.

Eventually, the pair formed a channel down pattern, which in early May passed below the 2022 January low and the 2020 June, August and September low levels. Bu May 11, the currency pair's decline had continued, as the 0.6300 level failed to provide support.

In the near term future, the pair might look for support in the 2019 low level at 0.6210. Further below, take into account the 2020 April and May low level at 0.5925.

On the other hand, a potential recovery of the pair due to the pair being oversold could face resistance in the 2020 June low at 0.6350, before approaching the resistance zone at 0.6490/0.6530.
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