NZD/USD At Risk of Additional Losses
Important Takeaways for NZD/USD Analysis Today
NZD/USD Technical Analysis
On the hourly chart of NZD/USD at FXOpen, the pair also followed a similar pattern and declined below 0.6125. The New Zealand Dollar gained bearish momentum and traded below 0.6085 against the US Dollar.
A low is formed near 0.6050 and the pair is now attempting a recovery wave. It broke a major bearish trend line with resistance near 0.6070 and the 50-hour simple moving average.
The pair is now testing the 23.6% Fib retracement level of the downward move from the 0.6200 swing high to the 0.6050 low. If there is a move above the 0.6085 resistance, the pair could rise toward 0.6125.
The 50% Fib retracement level of the downward move from the 0.6200 swing high to the 0.6050 low is also near 0.6125 to act as a barrier. Any more gains might open the doors for a move toward the 0.6200 resistance zone in the coming days.
On the downside, immediate support on the NZD/USD chart is near the 0.6050 level. The first major support is near the 0.6020 zone. The next support could be 0.6000. If there is a downside break below it, the pair could extend its decline toward the 0.5950 level.
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.
- NZD/USD declined heavily below the 0.6125 support zone and tested 0.6050.
- There was a break above a major bearish trend line with resistance near 0.6070 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD at FXOpen, the pair also followed a similar pattern and declined below 0.6125. The New Zealand Dollar gained bearish momentum and traded below 0.6085 against the US Dollar.
A low is formed near 0.6050 and the pair is now attempting a recovery wave. It broke a major bearish trend line with resistance near 0.6070 and the 50-hour simple moving average.
The pair is now testing the 23.6% Fib retracement level of the downward move from the 0.6200 swing high to the 0.6050 low. If there is a move above the 0.6085 resistance, the pair could rise toward 0.6125.
The 50% Fib retracement level of the downward move from the 0.6200 swing high to the 0.6050 low is also near 0.6125 to act as a barrier. Any more gains might open the doors for a move toward the 0.6200 resistance zone in the coming days.
On the downside, immediate support on the NZD/USD chart is near the 0.6050 level. The first major support is near the 0.6020 zone. The next support could be 0.6000. If there is a downside break below it, the pair could extend its decline toward the 0.5950 level.
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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