NZD/USD Could Start Fresh Increase
NZD/USD is now attempting a fresh increase from the 0.5860 support zone.
Important Takeaways for NZD/USD Analysis Today
· NZD/USD declined heavily from the 0.6000 resistance zone.
· Recently, there was a break above a connecting bearish trend line with resistance near 0.5880 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 0.6000 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5935 against the US Dollar.
The pair even spiked below the 50-hour simple moving average and tested 0.5860. A low was formed near 0.5859 and the pair is now attempting a fresh increase. It is back above the 0.5880 level and the 50-hour simple moving average.
It is now struggling to clear the 23.6% Fib retracement level of the downward move from the 0.6014 swing high to the 0.5859 low at 0.5900. If there is a move above 0.5900, the pair could rise toward the 0.5935 resistance.
The 50% Fib retracement level of the downward move from the 0.6014 swing high to the 0.5859 low is also at 0.5935, above which the pair could rise toward 0.5985. Any more gains might open the doors for a move toward the 0.6000 resistance zone.
On the downside, immediate support on the NZD/USD chart is near the 50-hour simple moving average at 0.5880. The next major support is near the 0.5860 zone. If there is a downside break below 0.5860, the pair could extend its decline toward the 0.5820 level. The next key support is near 0.5800.
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.
Important Takeaways for NZD/USD Analysis Today
· NZD/USD declined heavily from the 0.6000 resistance zone.
· Recently, there was a break above a connecting bearish trend line with resistance near 0.5880 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 0.6000 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5935 against the US Dollar.
The pair even spiked below the 50-hour simple moving average and tested 0.5860. A low was formed near 0.5859 and the pair is now attempting a fresh increase. It is back above the 0.5880 level and the 50-hour simple moving average.
It is now struggling to clear the 23.6% Fib retracement level of the downward move from the 0.6014 swing high to the 0.5859 low at 0.5900. If there is a move above 0.5900, the pair could rise toward the 0.5935 resistance.
The 50% Fib retracement level of the downward move from the 0.6014 swing high to the 0.5859 low is also at 0.5935, above which the pair could rise toward 0.5985. Any more gains might open the doors for a move toward the 0.6000 resistance zone.
On the downside, immediate support on the NZD/USD chart is near the 50-hour simple moving average at 0.5880. The next major support is near the 0.5860 zone. If there is a downside break below 0.5860, the pair could extend its decline toward the 0.5820 level. The next key support is near 0.5800.
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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