NZD/USD At Risk of More Losses
NZD/USD is also moving lower and might decline below the 0.6150 support.
Important Takeaways for NZD/USD
· NZD/USD failed to clear the 0.6220 resistance zone and reacted to the downside.
· There is a major bearish trend line forming with resistance near 0.6180 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 started a fresh decline after it failed to clear the 0.6220 resistance. The New Zealand dollar dipped below 0.6180 to move into a bearish zone against the US Dollar.
The pair tested the 0.6150 support zone and is currently consolidating losses. On the upside, an initial resistance is near the 50-hour simple moving average at 0.6150.
There is also a major bearish trend line forming with resistance near 0.6180. The trend line coincides with the 50% Fib retracement level of the downward move from the 0.6203 swing high to the 0.6154 low.
The next major resistance is near the 0.6220 level. A clear move above the 0.6220 level might even push the pair toward the 0.6265 level. Any more gains might open the doors for a move toward the 0.6300 resistance zone in the coming days.
If not, the pair could resume its decline. Immediate support is near the 0.6150 level. The next support could be the 0.6120 zone. If there is a downside break below the 0.6120 support, the pair could gain bearish momentum.
In the stated case, the pair may perhaps decline toward the 0.6080 support level. Any more losses could set the pace for a test of the 0.6050 level.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
Important Takeaways for NZD/USD
· NZD/USD failed to clear the 0.6220 resistance zone and reacted to the downside.
· There is a major bearish trend line forming with resistance near 0.6180 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 started a fresh decline after it failed to clear the 0.6220 resistance. The New Zealand dollar dipped below 0.6180 to move into a bearish zone against the US Dollar.
The pair tested the 0.6150 support zone and is currently consolidating losses. On the upside, an initial resistance is near the 50-hour simple moving average at 0.6150.
There is also a major bearish trend line forming with resistance near 0.6180. The trend line coincides with the 50% Fib retracement level of the downward move from the 0.6203 swing high to the 0.6154 low.
The next major resistance is near the 0.6220 level. A clear move above the 0.6220 level might even push the pair toward the 0.6265 level. Any more gains might open the doors for a move toward the 0.6300 resistance zone in the coming days.
If not, the pair could resume its decline. Immediate support is near the 0.6150 level. The next support could be the 0.6120 zone. If there is a downside break below the 0.6120 support, the pair could gain bearish momentum.
In the stated case, the pair may perhaps decline toward the 0.6080 support level. Any more losses could set the pace for a test of the 0.6050 level.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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