Market Analysis: NZD/USD Take Hit, Turn Red
Market Analysis: NZD/USD Take Hit, Turn Red
NZD/USD is also moving lower and might struggle to recover above 0.6225.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD declined steadily from the 0.6380 resistance zone.
- There is a key bearish trend line forming with resistance at 0.6145 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 0.6380 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6265 against the US Dollar.
The pair settled below the 0.6150 level and the 50-hour simple moving average. Finally, it tested the 0.6075 zone and is currently consolidating losses. Immediate resistance on the upside is near 0.6145.
There is also a key bearish trend line forming with resistance at 0.6145 and the 23.6% Fib retracement level of the downward move from the 0.6378 swing high to the 0.6074 low. The next resistance is the 0.6225 level.
The 50% Fib retracement level of the downward move from the 0.6378 swing high to the 0.6074 low is also at 0.6225. If there is a move above 0.6225, the pair could rise toward 0.6265.
Any more gains might open the doors for a move toward the 0.6380 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.6075 level.
The next major support is near the 0.6040 zone. If there is a downside break below 0.6040, the pair could extend its decline toward the 0.6020 level. The next key support is near 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 moving lower and might struggle to recover above 0.6225.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD declined steadily from the 0.6380 resistance zone.
- There is a key bearish trend line forming with resistance at 0.6145 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 0.6380 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6265 against the US Dollar.
The pair settled below the 0.6150 level and the 50-hour simple moving average. Finally, it tested the 0.6075 zone and is currently consolidating losses. Immediate resistance on the upside is near 0.6145.
There is also a key bearish trend line forming with resistance at 0.6145 and the 23.6% Fib retracement level of the downward move from the 0.6378 swing high to the 0.6074 low. The next resistance is the 0.6225 level.
The 50% Fib retracement level of the downward move from the 0.6378 swing high to the 0.6074 low is also at 0.6225. If there is a move above 0.6225, the pair could rise toward 0.6265.
Any more gains might open the doors for a move toward the 0.6380 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.6075 level.
The next major support is near the 0.6040 zone. If there is a downside break below 0.6040, the pair could extend its decline toward the 0.6020 level. The next key support is near 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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