Market Analysis: NZD/USD Target Additional Gains
NZD/USD is also rising and could extend its increase above the 0.6110 resistance zone.
Important Takeaways for NZD USD Analysis Today
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair corrected lower from the 0.6150 zone. The New Zealand Dollar is now holding the 0.6100 support and eyeing a fresh increase against the US Dollar.
A low has formed near 0.6102 and the pair is consolidating in a range. On the upside, the pair is facing resistance near the 50-hour simple moving average at 0.6610. There is also a major bearish trend line forming with resistance at 0.6110.
The trend line is close to the 23.6% Fib retracement level of the downward move from the 0.6148 swing high to the 0.6102 low. The NZD/USD chartsuggests that the RSI could move above 50.
The next major resistance is near the 50% Fib retracement level of the downward move from the 0.6148 swing high to the 0.6102 low at 0.6130. A clear move above the 0.6130 level might even push the pair toward the 0.6150 level. Any more gains might clear the path for a move toward the 0.6200 resistance zone in the coming days.
On the downside, there is a support forming near 0.6110. The next major support is 0.6090. If there is a downside break below the 0.6090 support, the pair might slide toward the 0.6040 support. Any more losses could lead NZD/USD in a bearish zone to 0.6000.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Important Takeaways for NZD USD Analysis Today
- NZD/USD is showing positive signs above the 0.6100 support.
- There is a major bearish trend line forming with resistance near 0.6110 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair corrected lower from the 0.6150 zone. The New Zealand Dollar is now holding the 0.6100 support and eyeing a fresh increase against the US Dollar.
A low has formed near 0.6102 and the pair is consolidating in a range. On the upside, the pair is facing resistance near the 50-hour simple moving average at 0.6610. There is also a major bearish trend line forming with resistance at 0.6110.
The trend line is close to the 23.6% Fib retracement level of the downward move from the 0.6148 swing high to the 0.6102 low. The NZD/USD chartsuggests that the RSI could move above 50.
The next major resistance is near the 50% Fib retracement level of the downward move from the 0.6148 swing high to the 0.6102 low at 0.6130. A clear move above the 0.6130 level might even push the pair toward the 0.6150 level. Any more gains might clear the path for a move toward the 0.6200 resistance zone in the coming days.
On the downside, there is a support forming near 0.6110. The next major support is 0.6090. If there is a downside break below the 0.6090 support, the pair might slide toward the 0.6040 support. Any more losses could lead NZD/USD in a bearish zone to 0.6000.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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