Market Analysis: NZD/USD Could Recover In Short-TermMarket 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.
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