Market Analysis: NZD/USD Sight Steady Increase
Market Analysis: NZD/USD Sight Steady Increase
NZD/USD could gain bullish momentum if there is a clear move above the 0.6150 resistance.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is attempting a recovery wave above the 0.6110 resistance.
- There is a major bearish trend line forming with resistance near 0.6150 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.6220 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6150 against the US Dollar.
The pair even dropped below the 50-hour simple moving average and tested 0.6100. A low was formed near 0.6095 and the pair is now attempting a fresh increase. It is back above the 0.6110 level and the 50-hour simple moving average.
On the upside, the pair is facing resistance near the 50% Fib retracement level of the downward move from the 0.6220 swing high to the 0.6096 low. There is also a major bearish trend line forming with resistance near 0.6150.
The next major resistance is near the 61.8% Fib retracement level of the downward move from the 0.6220 swing high to the 0.6096 low at 0.6175. If there is a move above 0.6175, the pair could rise toward the 0.6220 resistance.
Any more gains might open the doors for a move toward the 0.6250 resistance zone. On the downside, immediate support on the NZD/USD chart is near 0.6125.
The next major support is near the 0.6110 zone. If there is a downside break below 0.6110, the pair could extend the decline toward the 0.6095 level. The next key support is near 0.6965.
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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 could gain bullish momentum if there is a clear move above the 0.6150 resistance.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is attempting a recovery wave above the 0.6110 resistance.
- There is a major bearish trend line forming with resistance near 0.6150 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.6220 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6150 against the US Dollar.
The pair even dropped below the 50-hour simple moving average and tested 0.6100. A low was formed near 0.6095 and the pair is now attempting a fresh increase. It is back above the 0.6110 level and the 50-hour simple moving average.
On the upside, the pair is facing resistance near the 50% Fib retracement level of the downward move from the 0.6220 swing high to the 0.6096 low. There is also a major bearish trend line forming with resistance near 0.6150.
The next major resistance is near the 61.8% Fib retracement level of the downward move from the 0.6220 swing high to the 0.6096 low at 0.6175. If there is a move above 0.6175, the pair could rise toward the 0.6220 resistance.
Any more gains might open the doors for a move toward the 0.6250 resistance zone. On the downside, immediate support on the NZD/USD chart is near 0.6125.
The next major support is near the 0.6110 zone. If there is a downside break below 0.6110, the pair could extend the decline toward the 0.6095 level. The next key support is near 0.6965.
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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