Market Analysis: NZD/USD RisesMarket Analysis: NZD/USD Follows Suit
NZD/USD might aim for more gains above 0.6300.
Important Takeaways for NZD USD Analysis Today
- NZD/USD is consolidating gains from the 0.6350 zone.
- There is a major bullish trend line forming with support at 0.6280 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.6180 zone. The New Zealand Dollar broke the 0.6265 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6280 and the 50-hour simple moving average. It tested the 0.6355 zone and is currently correcting gains. The pair corrected lower below the 0.6340 level. The NZD/USD chart suggests that the RSI is now approaching 60.
On the downside, immediate support is near the 23.6% Fib retracement level of the upward wave from the 0.6209 swing low to the 0.6355 high at 0.6320.
The first key support is near a trend line at 0.6280 and the 50% Fib retracement level of the upward wave from the 0.6209 swing low to the 0.6355 high. It is close to the 50-hour simple moving average. The next major support is near the 0.6265 level.
If there is a downside break below the 0.6265 support, the pair might slide toward the 0.6210 support. Any more losses could lead NZD/USD in a bearish zone to 0.6180.
On the upside, the pair might struggle near 0.6355. The next major resistance is near the 0.6380 level. A clear move above the 0.6380 level might even push the pair toward the 0.6440 level. Any more gains might clear the path for a move toward the 0.6500 resistance zone in the coming days.
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