NZD/USD Could Extend Losses
NZD/USD is gaining bearish momentum below the 0.6030 support zone.
Important Takeaways for NZD/USD Analysis Today
· NZD/USD declined heavily from the 0.6120 resistance zone.
· There was a break below a major rising channel with support near 0.6060 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 0.6120 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6080 against the US Dollar.
There was a break below a major rising channel with support near 0.6060 and the 50-hour simple moving average. Finally, the bulls appeared near the 0.6000 zone. A low is formed near 0.6002 and the pair is still showing a few bearish signs.
Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6117 swing high to the 0.6002 low at 0.6030.
If there is a move above 0.6030, the pair could rise toward the 50-hour simple moving average at 0.6060. It is close to the 50% Fib retracement level of the downward move from the 0.6117 swing high to the 0.6002 low.
Any more gains might open the doors for a move toward the 0.6120 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.6000 level. The first major support is near the 0.5965 zone. If there is a downside break below 0.5965, the pair could extend its decline toward the 0.5920 level. The next key support is near 0.5850.
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 declined heavily from the 0.6120 resistance zone.
· There was a break below a major rising channel with support near 0.6060 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 0.6120 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6080 against the US Dollar.
There was a break below a major rising channel with support near 0.6060 and the 50-hour simple moving average. Finally, the bulls appeared near the 0.6000 zone. A low is formed near 0.6002 and the pair is still showing a few bearish signs.
Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6117 swing high to the 0.6002 low at 0.6030.
If there is a move above 0.6030, the pair could rise toward the 50-hour simple moving average at 0.6060. It is close to the 50% Fib retracement level of the downward move from the 0.6117 swing high to the 0.6002 low.
Any more gains might open the doors for a move toward the 0.6120 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.6000 level. The first major support is near the 0.5965 zone. If there is a downside break below 0.5965, the pair could extend its decline toward the 0.5920 level. The next key support is near 0.5850.
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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