NZD/USD Breakdown Looks Real
NZD/USD also declined towards 0.6150, and it remains at risk of more 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 from the 0.6260 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6210 against the US Dollar.
There was a break below a major bullish trend line with support near 0.6200. Finally, the bulls appeared near the 0.6150 zone. A low is formed near 0.6149, and the pair is now showing a few bearish signs.
Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6273 swing high to the 0.6149 low at 0.6175. If there is a move above 0.6175, the pair could rise toward the 50-hour simple moving average at 0.6210.
The 50% Fib retracement level of the downward move from the 0.6273 swing high to the 0.6149 low is also near 0.6210 to act as a barrier. Any more gains might open the doors for a move toward the 0.6260 resistance zone in the coming days.
On the downside, immediate support on the NZD/USD chart is near the 0.6150 level. The first major support is near the 0.6120 zone. If there is a downside break below 0.6120, the pair could extend its decline toward the 0.6080 level. The next key support is near 0.6050.
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 0.6260 resistance zone.
- There was a break below a major bullish trend line with support near 0.6200 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 from the 0.6260 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6210 against the US Dollar.
There was a break below a major bullish trend line with support near 0.6200. Finally, the bulls appeared near the 0.6150 zone. A low is formed near 0.6149, and the pair is now showing a few bearish signs.
Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6273 swing high to the 0.6149 low at 0.6175. If there is a move above 0.6175, the pair could rise toward the 50-hour simple moving average at 0.6210.
The 50% Fib retracement level of the downward move from the 0.6273 swing high to the 0.6149 low is also near 0.6210 to act as a barrier. Any more gains might open the doors for a move toward the 0.6260 resistance zone in the coming days.
On the downside, immediate support on the NZD/USD chart is near the 0.6150 level. The first major support is near the 0.6120 zone. If there is a downside break below 0.6120, the pair could extend its decline toward the 0.6080 level. The next key support is near 0.6050.
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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