• NZD/USD stays pressured after breaking one-week-old rising trend line.
• Failures to cross 100-EMA, bearish MACD signals favor sellers.
• 61.8% Fibonacci retracement acts as strong hurdle to the north.

NZD/USD fades the early Asian session rebound while heading into the European session on Monday. That said, the Kiwi pair remains depressed around 0.6610 by the press time.

Although the buyers struggle to defend the 0.6600 threshold, a clear downside break of an ascending trend line from January 28 joins a U-turn from the 100-EMA and bearish MACD signals to keep NZD/USD sellers hopeful.

In addition to the 0.6600 round figure, 0.6570 and the recently flashed multi-month low around 0.6530 may entertain NZD/USD bears.

It should be noted, however, that a clear downside break of the 0.6530 will take an intermediate halt around the 0.6500 round figure ahead of directing the quote towards the 61.8% Fibonacci Expansion (FE) of January 13 to February 04 moves, near 0.6455-60.

Alternatively, recovery moves remain elusive below the 100-EMA level of 0.6670.

Following that, the 50% and 61.8% Fibonacci retracement of the previous month’s downside, around 0.6710 and 0.6750 respectively, will be crucial resistance to challenge the NZD/USD buyers.

NZD/USD: Four-hour chart

Trend: Further weakness expected