- NZD/USD falls after Auckland’s level 3 lockdown gets extended.
- Bears strengthened after the break in a short-term triangle and MACD sluggishness.
NZD/USD was down 0.15 Percent on Monday after the New Zealand government extended till August 30 the level 3 lockdown in Auckland. Today’s decline pushed the pair below an immediate ascending triangle formation; MACD sluggishness also supports the pair’s bearishness.
Now, the bears could attack 0.6500 support, and the monthly low of 0.6488 would also be under threat.
Further selling pressure beyond 0.6488, means 0.6445/40 – the area around the July bottom could be a target. If the bears are successful in pushing it down from the July bottom, then late-June support and other levels around 0.6385/80 would be in play.
Also, the resistance around 0.6535, which was a support earlier and then above that 0.6550 and 200-HMA level of 0.6557, could test intraday bulls.
In a rare chance if the NZD/USD breaks above 0.6557, then 0.6600 and the previous weeks high near 0.6650 could lure the bulls.
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