Market Analysis: NZD/USD Eye Key Upside Break
NZD/USD is also rising and could extend its increase above the 0.6255 resistance zone.
Important Takeaways for NZD USD Analysis Today
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.6200 level. The New Zealand Dollar broke the 0.6220 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6235 and the 50-hour simple moving average. It tested the 0.6260 zone and is currently consolidating gains above the 23.6% Fib retracement level of the upward wave from the 0.6195 swing low to the 0.6258 high.
The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the upside, the pair might struggle near 0.6255 and a major bearish trend line.
The next major resistance is near the 0.6280 level. A clear move above the 0.6280 level might even push the pair toward the 0.6320 level. Any more gains might clear the path for a move toward the 0.6400 resistance zone in the coming days.
On the downside, there is a support forming near the 50-hour simple moving average at 0.6235. The next major support is near the 61.8% Fib retracement level of the upward wave from the 0.6195 swing low to the 0.6258 high at 0.6220.
If there is a downside break below the 0.6220 support, the pair might slide toward the 0.6200 support. Any more losses could lead NZD/USD in a bearish zone to 0.6160.
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 is showing positive signs above the 0.6220 support.
- There is a major bearish trend line forming with resistance near 0.6255 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.6200 level. The New Zealand Dollar broke the 0.6220 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6235 and the 50-hour simple moving average. It tested the 0.6260 zone and is currently consolidating gains above the 23.6% Fib retracement level of the upward wave from the 0.6195 swing low to the 0.6258 high.
The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the upside, the pair might struggle near 0.6255 and a major bearish trend line.
The next major resistance is near the 0.6280 level. A clear move above the 0.6280 level might even push the pair toward the 0.6320 level. Any more gains might clear the path for a move toward the 0.6400 resistance zone in the coming days.
On the downside, there is a support forming near the 50-hour simple moving average at 0.6235. The next major support is near the 61.8% Fib retracement level of the upward wave from the 0.6195 swing low to the 0.6258 high at 0.6220.
If there is a downside break below the 0.6220 support, the pair might slide toward the 0.6200 support. Any more losses could lead NZD/USD in a bearish zone to 0.6160.
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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