Market Analysis: NZD/USD Could Recover In Short-Term
Market Analysis: NZD/USD Could Recover In Short-Term
NZD/USD could gain bullish momentum if there is a clear move above the 0.6090 resistance.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is attempting a recovery wave above the 0.6050 resistance.
- There was a break above a major bearish trend line with resistance near 0.6075 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 0.6120 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6100 against the US Dollar.
The pair even dropped below the 50-hour simple moving average and tested 0.6080. A low was formed near 0.6039 and the pair is now attempting a fresh increase. It is back above the 0.6050 level and the 50-hour simple moving average.
Besides, there was a break above a major bearish trend line with resistance near 0.6075. On the upside, the pair is facing resistance near the 50% Fib retracement level of the downward move from the 0.6119 swing high to the 0.6039 low.
The next major resistance is near the 76.4% Fib retracement level of the downward move from the 0.6119 swing high to the 0.6039 low at 0.6100. If there is a move above 0.6100, the pair could rise toward the 0.6120 resistance.
Any more gains might open the doors for a move toward the 0.6150 resistance zone. On the downside, immediate support on the NZD/USD chart is near 0.6045.
The next major support is near the 0.6000 zone. If there is a downside break below 0.6000, the pair could extend the decline toward the 0.5965 level. The next key support is near 0.5940.
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 could gain bullish momentum if there is a clear move above the 0.6090 resistance.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is attempting a recovery wave above the 0.6050 resistance.
- There was a break above a major bearish trend line with resistance near 0.6075 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 0.6120 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6100 against the US Dollar.
The pair even dropped below the 50-hour simple moving average and tested 0.6080. A low was formed near 0.6039 and the pair is now attempting a fresh increase. It is back above the 0.6050 level and the 50-hour simple moving average.
Besides, there was a break above a major bearish trend line with resistance near 0.6075. On the upside, the pair is facing resistance near the 50% Fib retracement level of the downward move from the 0.6119 swing high to the 0.6039 low.
The next major resistance is near the 76.4% Fib retracement level of the downward move from the 0.6119 swing high to the 0.6039 low at 0.6100. If there is a move above 0.6100, the pair could rise toward the 0.6120 resistance.
Any more gains might open the doors for a move toward the 0.6150 resistance zone. On the downside, immediate support on the NZD/USD chart is near 0.6045.
The next major support is near the 0.6000 zone. If there is a downside break below 0.6000, the pair could extend the decline toward the 0.5965 level. The next key support is near 0.5940.
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.