NZD/USD Could Start Fresh Increase
NZD/USD is now recovering and eyeing an upside break above the 0.5950 resistance zone.
Important Takeaways for NZD/USD Analysis Today
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.5985 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5950 against the US Dollar.
The pair even dropped below the 50-hour simple moving average and tested 0.5900. A low was formed near 0.5894 and the pair is now attempting a fresh increase. It is back above the 0.5920 level and the 50-hour simple moving average.
It is now struggling to clear the 50% Fib retracement level of the downward move from the 0.5985 swing high to the 0.5894 low at 0.5940. There is also a major contracting triangle forming with resistance near 0.5940.
The next major resistance is near the 61.8% Fib retracement level of the downward move from the 0.5985 swing high to the 0.5894 low at 0.5950. If there is a move above 0.5950, the pair could rise toward the 0.5985 resistance. Any more gains might open the doors for a move toward the 0.6040 resistance zone.
On the downside, immediate support on the NZD/USD chart is near 0.5920. The next major support is near the 0.5895 zone. If there is a downside break below 0.5895, the pair could extend the decline toward the 0.5860 level. The next key support is near 0.5820.
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 attempting a recovery wave above the 0.5920 resistance.
- There is a major contracting triangle forming with resistance near 0.5940 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 0.5985 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5950 against the US Dollar.
The pair even dropped below the 50-hour simple moving average and tested 0.5900. A low was formed near 0.5894 and the pair is now attempting a fresh increase. It is back above the 0.5920 level and the 50-hour simple moving average.
It is now struggling to clear the 50% Fib retracement level of the downward move from the 0.5985 swing high to the 0.5894 low at 0.5940. There is also a major contracting triangle forming with resistance near 0.5940.
The next major resistance is near the 61.8% Fib retracement level of the downward move from the 0.5985 swing high to the 0.5894 low at 0.5950. If there is a move above 0.5950, the pair could rise toward the 0.5985 resistance. Any more gains might open the doors for a move toward the 0.6040 resistance zone.
On the downside, immediate support on the NZD/USD chart is near 0.5920. The next major support is near the 0.5895 zone. If there is a downside break below 0.5895, the pair could extend the decline toward the 0.5860 level. The next key support is near 0.5820.
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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