Market Analysis: NZD/USD Trim Gains, Are Bears Back?Market Analysis: NZD/USD Trim Gains, Are Bears Back?
NZD/USD is also moving lower and might struggle to recover above 0.6200.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD declined steadily from the 0.6255 resistance zone.
- There is a key bearish trend line forming with resistance at 0.6155 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 0.6255 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6205 against the US Dollar.
The pair settled below the 0.6190 level and the 50-hour simple moving average. Finally, it tested the 0.6125 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 0.6254 swing high to the 0.6124 low.
Immediate resistance on the upside is near 0.6150. There is also a key bearish trend line forming with resistance at 0.6155 and the 23.6% Fib retracement level of the downward move from the 0.6254 swing high to the 0.6124 low.
The next resistance is the 50% Fib retracement level of the downward move from the 0.6254 swing high to the 0.6124 low at 0.6190. If there is a move above 0.6190, the pair could rise toward 0.6240.
Any more gains might open the doors for a move toward the 0.6280 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.6125 level.
The next major support is near the 0.6080 zone. If there is a downside break below 0.6080, the pair could extend its decline toward the 0.6050 level. The next key support is near 0.6000.
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