NZD/USD Price Analysis: Refreshes monthly low as bears attack 0.6980 support

• NZD/USD takes offers to renew multi-day low, battles key support.
• One-month-old horizontal line, 50% Fibonacci retracement challenge bears amid weaker RSI.
• Bulls need to cross 200-EMA for fresh entries.

NZD/USD bears keep reins while refreshing monthly low, around 0.6985, during the Asian session on Thursday.

In doing so, the kiwi pair sellers jostle with 50% Fibonacci retracement (Fibo.) of August-September upside, as well as a horizontal area comprising late August levels.

It’s worth noting that the RSI conditions aren’t favoring the bears and hence a corrective pullback from the 0.6980 key support zone becomes more likely.

However, the 0.7000 threshold and 200-EMA level of 0.7042 will challenge the short-term buyers of the pair.

Also acting as an upside filter is the mid-September low near 0.7095 and the 0.7100 round figure.

Meanwhile, a clear break of 0.6980 will direct NZD/USD sellers towards August 25 low near 0.6930.

In a case where the pair drops past 0.6930, the 0.6900 mark and the last month’s low of 0.6805 will be in focus.

NZD/USD: Four-hour chart

Trend: Corrective pullback expected