Market Analysis: NZD/USD Faces Pressure, Dips AgainMarket Analysis: NZD/USD Faces Pressure, Dips Again
NZD/USD is also moving lower and might extend losses below 0.5935.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD declined steadily from the 0.6000 resistance zone.
- There is a major bearish trend line forming with resistance at 0.5960 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 0.6030 zone. The New Zealand Dollar gained bearish momentum against the US Dollar.
The pair settled below the 0.5960 level and the 50-hour simple moving average. Finally, it tested the 0.5930 zone and is currently consolidating.
Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6031 swing high to the 0.5929 low at 0.5960. There is also a major bearish trend line forming with resistance at 0.5960.
The next resistance is the 0.5985 level or the 50% Fib retracement level of the downward move from the 0.6031 swing high to the 0.5929 low. If there is a move above 0.5985, the pair could rise toward 0.6030.
Any more gains might open the doors for a move toward the 0.6080 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.5930 level.
The next major support is near the 0.5910 zone. If there is a downside break below 0.5880, the pair could extend its decline toward the 0.5850 level. The next key support is near 0.5820.
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Nzdusdtrend
NZDUSD Time Cycle Pattern.NZDUSD is trading according to the time cycle (as you can see in the chart). NZDUSD is also trading in a channel pattern moreover it is trading in a synchronize pattern with the time cycle. At the beginning of time cycle, price is at high point A or at the resistance of channel pattern (as you can see in chart), in the middle of time cycle it is trading at lowest point B or the support line of Channel Pattern and at end of time cycle price is again moving towards the resistance line of channel pattern, which is point C. So, according to the pattern, we might see NZDUSD may move downside towards the Support of channel pattern.
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NZDUSD Trading In Channel PatternNZDUSD is trading in channel pattern we might see, that it will trade in the same manner. One can take the trade on a buy or sell side at the support and resistance level of channel pattern, respectively.
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NZDUSD trade In Symmetrical Pattern.NZDUSD is currently trading in a symmetrical pattern, which indicates that the trend is not decisive, as NZDUSD can give a breakout on either side for longer-term trends. For a period, it will trade in the symmetrical triangle pattern. Trade can be initiated for the long side for a very short time and gain few pips of profit until it gives a breakout from the pattern.
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