Market Analysis: NZD/USD Turn RedMarket Analysis: NZD/USD Turn Red
NZD/USD is also moving lower and might struggle to recover above 0.5950.
Important Takeaways for NZD/USD Analysis Today
NZD/USD declined steadily from the 0.6000 resistance zone.
There is a key bearish trend line forming with resistance at 0.5890 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 0.6010 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5950 against the US Dollar.
The pair settled below the 0.5930 level and the 50-hour simple moving average. Finally, it tested the 0.5850 zone and is currently attempting a minor recovery wave. There was a move above the 23.6% Fib retracement level of the downward move from the 0.5932 swing high to the 0.5852 low.
Immediate resistance on the upside is near 0.5890. There is also a key bearish trend line forming with resistance at 0.5890 and the 50% Fib retracement level of the downward move from the 0.5932 swing high to the 0.5852 low.
The next resistance is at 0.5910 and the 50-hour simple moving average. If there is a move above 0.5910, the pair could rise toward 0.5930. Any more gains might open the doors for a move toward the 0.5950 resistance zone in the coming days.
On the downside, immediate support on the NZD/USD chart is near the 0.5870 level. The next major support is near the 0.5850 zone. If there is a downside break below 0.5850, the pair could extend its decline toward the 0.5815 level. The next key support is near 0.5880.
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