NZD/USD Weekly Chart Outlook
Similarly, NZD/USD is facing strong resistance near 0.6540.
Important Takeaways for NZD/USD Analysis
· NZD/USD also started a steady increase above the 0.5750 and 0.6000 levels.
· There is a key bearish trend line forming with resistance near 0.6365 on the weekly chart at FXOpen.
NZD/USD Technical Analysis
On the weekly chart of NZD/USD at FXOpen, the pair started a steady increase from the 0.5510 zone. The New Zealand Dollar was able to surpass the 0.5750 and 0.6025 resistance levels. There was also a close above the 50-week simple moving average and RSI settled above 50.
However, the pair failed to clear the 0.6540 level. A high is formed near 0.6538 and the pair is now showing a few bearish signs. It moved below the 23.6% Fibonacci retracement level of the upward move from the 0.5511 swing low to the 0.6538 high.
On the downside, the 0.6025 level is a decent support on the NZD/USD chart since it coincides with the 50% Fibonacci retracement level of the upward move from the 0.5511 swing low to the 0.6538 high.
The next major support is near 0.5750, below which NZD/USD might decline toward the 0.5510 support zone. Any more losses could open the doors for a drop toward the 0.5200 level.
Immediate resistance on the upside is near a key bearish trend line at 0.6365. The first major resistance on the upside is near the 0.6540 level. A successful close above 0.6540 could start a solid upward move toward the 0.7000 resistance. Any more gains might send the pair toward the 0.7230 level.
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
· NZD/USD also started a steady increase above the 0.5750 and 0.6000 levels.
· There is a key bearish trend line forming with resistance near 0.6365 on the weekly chart at FXOpen.
NZD/USD Technical Analysis
On the weekly chart of NZD/USD at FXOpen, the pair started a steady increase from the 0.5510 zone. The New Zealand Dollar was able to surpass the 0.5750 and 0.6025 resistance levels. There was also a close above the 50-week simple moving average and RSI settled above 50.
However, the pair failed to clear the 0.6540 level. A high is formed near 0.6538 and the pair is now showing a few bearish signs. It moved below the 23.6% Fibonacci retracement level of the upward move from the 0.5511 swing low to the 0.6538 high.
On the downside, the 0.6025 level is a decent support on the NZD/USD chart since it coincides with the 50% Fibonacci retracement level of the upward move from the 0.5511 swing low to the 0.6538 high.
The next major support is near 0.5750, below which NZD/USD might decline toward the 0.5510 support zone. Any more losses could open the doors for a drop toward the 0.5200 level.
Immediate resistance on the upside is near a key bearish trend line at 0.6365. The first major resistance on the upside is near the 0.6540 level. A successful close above 0.6540 could start a solid upward move toward the 0.7000 resistance. Any more gains might send the pair toward the 0.7230 level.
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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