Market Analysis: NZD/USD Attempt Another Recovery
Market Analysis: NZD/USD Attempt Another Recovery
NZD/USD is also rising and could extend its increase above the 0.6000 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 AUD/USD. The New Zealand Dollar formed a base above the 0.5875 level and started a decent increase against the US Dollar.
The pair climbed above the 0.5925 resistance and the 50-hour simple moving average. The pair even spiked above 0.5940. A high was formed near 0.5978 and the pair is now consolidating gains. The NZD/USD chart suggests that the RSI is correcting lower toward 60.
On the upside, the pair is facing resistance near the 0.5980 zone. The next major resistance is near the 0.6000 level. A clear move above the 0.6000 level might even push the pair toward the 0.6070 level.
Any more gains might clear the path for a move toward the 0.6120 resistance zone in the coming days. On the downside, there is a support forming near 0.5955 or the 23.6% Fib retracement level of the upward move from the 0.5873 swing low to the 0.5978 high.
There is also a bullish trend line forming with support at 0.5940. The next major support is 0.5925 or the 50% Fib retracement level of the upward move from the 0.5873 swing low to the 0.5978 high.
If there is a downside break below the 0.5925 support, the pair might slide toward 0.5875. Any more losses could lead NZD/USD in a bearish zone to 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.
NZD/USD is also rising and could extend its increase above the 0.6000 resistance zone.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is showing positive signs above the 0.5925 support.
- There is a key bullish trend line forming with support at 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 AUD/USD. The New Zealand Dollar formed a base above the 0.5875 level and started a decent increase against the US Dollar.
The pair climbed above the 0.5925 resistance and the 50-hour simple moving average. The pair even spiked above 0.5940. A high was formed near 0.5978 and the pair is now consolidating gains. The NZD/USD chart suggests that the RSI is correcting lower toward 60.
On the upside, the pair is facing resistance near the 0.5980 zone. The next major resistance is near the 0.6000 level. A clear move above the 0.6000 level might even push the pair toward the 0.6070 level.
Any more gains might clear the path for a move toward the 0.6120 resistance zone in the coming days. On the downside, there is a support forming near 0.5955 or the 23.6% Fib retracement level of the upward move from the 0.5873 swing low to the 0.5978 high.
There is also a bullish trend line forming with support at 0.5940. The next major support is 0.5925 or the 50% Fib retracement level of the upward move from the 0.5873 swing low to the 0.5978 high.
If there is a downside break below the 0.5925 support, the pair might slide toward 0.5875. Any more losses could lead NZD/USD in a bearish zone to 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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