Market Analysis: NZD/USD Set for Steady Gains
Market Analysis: NZD/USD Set for Steady Gains
NZD/USD is showing positive signs and might attempt a fresh increase above 0.6120.
Important Takeaways for NZD USD Analysis Today
- NZD/USD is gaining pace above the 0.6100 support zone.
- There is a major bullish trend line forming with support at 0.6100 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.6045 zone. The New Zealand Dollar broke the 0.6090 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6100 and the 50-hour simple moving average. It tested the 0.6130 zone and is currently correcting gains. The pair corrected lower below the 0.6120 level. The pair also traded below the 23.6% Fib retracement level of the upward wave from the 0.6047 swing low to the 0.6128 high.
The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the downside, there is major support forming near 0.6100 and a trend line.
The next major support is near the 50% Fib retracement level of the upward wave from the 0.6047 swing low to the 0.6128 high at 0.6090.
If there is a downside break below the 0.6090 support, the pair might slide toward the 0.6065 support. Any more losses could lead NZD/USD in a bearish zone to 0.6045.
On the upside, the pair might struggle near 0.6120. The next major resistance is near the 0.6130 level. A clear move above the 0.6130 level might even push the pair toward the 0.6165 level. Any more gains might clear the path for a move toward the 0.6200 resistance zone in the coming days.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
NZD/USD is showing positive signs and might attempt a fresh increase above 0.6120.
Important Takeaways for NZD USD Analysis Today
- NZD/USD is gaining pace above the 0.6100 support zone.
- There is a major bullish trend line forming with support at 0.6100 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.6045 zone. The New Zealand Dollar broke the 0.6090 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6100 and the 50-hour simple moving average. It tested the 0.6130 zone and is currently correcting gains. The pair corrected lower below the 0.6120 level. The pair also traded below the 23.6% Fib retracement level of the upward wave from the 0.6047 swing low to the 0.6128 high.
The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the downside, there is major support forming near 0.6100 and a trend line.
The next major support is near the 50% Fib retracement level of the upward wave from the 0.6047 swing low to the 0.6128 high at 0.6090.
If there is a downside break below the 0.6090 support, the pair might slide toward the 0.6065 support. Any more losses could lead NZD/USD in a bearish zone to 0.6045.
On the upside, the pair might struggle near 0.6120. The next major resistance is near the 0.6130 level. A clear move above the 0.6130 level might even push the pair toward the 0.6165 level. Any more gains might clear the path for a move toward the 0.6200 resistance zone in the coming days.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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