There is ongoing pressure on NZDUSD at a rate of 0.61088 following a decline from its three-week high. It is predicted by @nehcap that there will be further decreases.

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• NZD/USD remains pressured after reversing from three-week high.

The pair currently trades last at 0.61088.

The previous day high was 0.6154 while the previous day low was 0.6105. The daily 38.2% Fib levels comes at 0.6135, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6124, expected to provide resistance.

NZD/USD holds lower ground near 0.6115-20 as the markets await the all-important US Consumer Price Index (CPI) data on early Tuesday. In doing so, the Kiwi pair keeps the previous day’s pullback from a three-week high while making rounds to the intraday low.

Also read: US Inflation Preview: Why the US Dollar is more likely to fall than rise, three scenarios

The Kiwi pair’s latest weakness justifies the Doji candlestick on the Daily chart formation. The bearish candlestick gains even more important as it marks the reversal in the NZD/USD price from the key 0.6150 resistance comprising the 200-DMA and previous support line stretched from early March.

It should be noted that a one-month-old falling trend line, currently around 0.6145, also added strength to the aforementioned key upside hurdle.

Hence, the quote is likely to remain on the bear’s radar unless crossing the 0.6150 hurdle.

Even if the NZD/USD buyers manage to cross the 0.6150 resistance, the mid-May swing low of around 0.6185 and the 0.6200 round figures can challenge the Kiwi bulls before giving them control.

With this, the quote is likely to remain pressured toward the 0.6100 threshold. However, an ascending support line from May 31, close to 0.6045 by the press time, could challenge the NZD/USD bears afterward.

In a case where the Kiwi pair remains bearish past 0.6045, the odds of witnessing its fall towards the yearly low marked in May around 0.5985 can’t be ruled out.

Trend: Further downside expected

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.612 at the time of writing. Pair opened at 0.6123 and is trading with a change of -0.05% % .

The pair is trading above its 20 Daily moving average @ 0.6119, below its 50 Daily moving average @ 0.6185 , below its 100 Daily moving average @ 0.623 and below its 200 Daily moving average @ 0.6149

The previous day high was 0.6154 while the previous day low was 0.6105. The daily 38.2% Fib levels comes at 0.6135, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6124, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6101, 0.6078, 0.6052
• Pivot resistance is noted at 0.615, 0.6176, 0.6199

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