Market Analysis: NZD/USD Poised For Fresh Gains
Market Analysis: NZD/USD Poised For Fresh Gains
NZD/USD is also rising and could target the 0.6090 resistance.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is consolidating above the 0.6050 support.
- There was a break above a key bearish trend line with resistance at 0.6060 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 AUD/USD. The New Zealand Dollar formed a base above the 0.6035 level and started a decent increase against the US Dollar.
The pair climbed above the 0.6050 resistance. There was a break above a key bearish trend line with resistance at 0.6060. The pair spiked above the 50-hour simple moving average and tested the 50% Fib retracement level of the downward move from the 0.6125 swing high to the 0.6033 low.
The NZD/USD chart suggests that the RSI is back above 50 and signaling a positive bias. On the upside, the pair is facing resistance near the 0.6080 zone. The next major resistance is near the 0.6090 level and 61.8% Fib retracement level of the downward move from the 0.6125 swing high to the 0.6033 low.
A clear move above the 0.6090 level might even push the pair toward the 0.6130 level. Any more gains might clear the path for a move toward the 0.6180 resistance zone in the coming days.
On the downside, there is a support forming near the 0.6050 zone. If there is a downside break below the 0.6050 support, the pair might slide toward 0.6035. Any more losses could lead NZD/USD in a bearish zone to 0.6000.
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 also rising and could target the 0.6090 resistance.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is consolidating above the 0.6050 support.
- There was a break above a key bearish trend line with resistance at 0.6060 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 AUD/USD. The New Zealand Dollar formed a base above the 0.6035 level and started a decent increase against the US Dollar.
The pair climbed above the 0.6050 resistance. There was a break above a key bearish trend line with resistance at 0.6060. The pair spiked above the 50-hour simple moving average and tested the 50% Fib retracement level of the downward move from the 0.6125 swing high to the 0.6033 low.
The NZD/USD chart suggests that the RSI is back above 50 and signaling a positive bias. On the upside, the pair is facing resistance near the 0.6080 zone. The next major resistance is near the 0.6090 level and 61.8% Fib retracement level of the downward move from the 0.6125 swing high to the 0.6033 low.
A clear move above the 0.6090 level might even push the pair toward the 0.6130 level. Any more gains might clear the path for a move toward the 0.6180 resistance zone in the coming days.
On the downside, there is a support forming near the 0.6050 zone. If there is a downside break below the 0.6050 support, the pair might slide toward 0.6035. Any more losses could lead NZD/USD in a bearish zone to 0.6000.
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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