Market Analysis: NZD/USD Ready to Climb Again
NZD/USD is also rising and could aim for a move above the 0.5945 resistance.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is consolidating above the 0.5915 support.
- There was a break above a connecting bearish trend line with resistance at 0.5910 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 0.5900 level and started a decent increase against the US Dollar.
The pair climbed above the 0.5980 resistance. It tested the 0.6020 resistance before there was a pullback. The recent low was formed at 0.58704 and the pair is again rising above the 50-hour simple moving average.
There was a break above a connecting bearish trend line with resistance at 0.5910. The pair cleared the 0.5915 resistance and the 23.6% Fib retracement level of the downward move from the 0.6022 swing high to the 0.5870 low.
The NZD/USD chart suggests that the RSI is back above 50 signaling a positive bias. On the upside, the pair is facing resistance near the 50% Fib retracement level of the downward move from the 0.6022 swing high to the 0.5870 low at 0.5945.
The next major resistance is near the 0.5985 level. A clear move above the 0.5985 level might even push the pair toward the 0.6020 level. Any more gains might clear the path for a move toward the 0.6050 resistance zone in the coming days.
On the downside, there is a support forming near the 0.5915 zone. If there is a downside break below the 0.5915 support, the pair might slide toward 0.5870. Any more losses could lead NZD/USD in a bearish zone to 0.5810.
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 aim for a move above the 0.5945 resistance.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is consolidating above the 0.5915 support.
- There was a break above a connecting bearish trend line with resistance at 0.5910 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 0.5900 level and started a decent increase against the US Dollar.
The pair climbed above the 0.5980 resistance. It tested the 0.6020 resistance before there was a pullback. The recent low was formed at 0.58704 and the pair is again rising above the 50-hour simple moving average.
There was a break above a connecting bearish trend line with resistance at 0.5910. The pair cleared the 0.5915 resistance and the 23.6% Fib retracement level of the downward move from the 0.6022 swing high to the 0.5870 low.
The NZD/USD chart suggests that the RSI is back above 50 signaling a positive bias. On the upside, the pair is facing resistance near the 50% Fib retracement level of the downward move from the 0.6022 swing high to the 0.5870 low at 0.5945.
The next major resistance is near the 0.5985 level. A clear move above the 0.5985 level might even push the pair toward the 0.6020 level. Any more gains might clear the path for a move toward the 0.6050 resistance zone in the coming days.
On the downside, there is a support forming near the 0.5915 zone. If there is a downside break below the 0.5915 support, the pair might slide toward 0.5870. Any more losses could lead NZD/USD in a bearish zone to 0.5810.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.