Market Analysis: NZD/USD SlipsMarket Analysis: NZD/USD Slips
NZD/USD is struggling and might decline below the 0.5980 level.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is consolidating above the 0.5980 support.
- There is a connecting bearish trend line forming with resistance at 0.6010 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD at FXOpen, the pair also followed AUD/USD. The New Zealand Dollar struggled above 0.6100 and started a fresh decline against the US Dollar.
There was a move below the 0.6050 and 0.6020 support levels. A low was formed at 0.5978 and the pair is now consolidating losses below the 50-hour simple moving average. The NZD/USD chart suggests that the RSI is back below 50 signalling a bearish bias.
On the upside, the pair is facing resistance near the 23.6% Fib retracement level of the downward move from the 0.6120 swing high to the 0.5978 low. There is also a connecting bearish trend line forming with resistance at 0.6010.
The next major resistance is near the 0.6065 level or the 61.8% Fib retracement level. A clear move above the 0.6065 level might even push the pair toward the 0.6120 level. Any more gains might clear the path for a move toward the 0.6150 resistance zone in the coming days.
On the downside, there is a support forming near the 0.5980 zone. If there is a downside break below 0.5980, the pair might slide toward 0.5940. Any more losses could lead NZD/USD in a bearish zone to 0.5910.
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