Market Analysis: NZD/USD Gains Pace, Bulls Are Back?Market Analysis: NZD/USD Gains Pace, Bulls Are Back?
NZD/USD is also rising and might aim for more gains above 0.5850.
Important Takeaways for NZD USD Analysis Today
- NZD/USD is consolidating gains above the 0.5765 zone.
- There is a key bullish trend line forming with support at 0.5825 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 0.5515 zone. The New Zealand Dollar broke the 0.5670 resistance to start the recent increase against the US Dollar.
The pair settled above 0.5765 and the 50-hour simple moving average. It tested the 0.5850 zone and is currently consolidating gains. The pair corrected lower below the 0.5840 level. However, the bulls are active above the 0.5825 level.
The NZD/USD chart suggests that the RSI is stable above 50. On the upside, the pair might struggle near 0.5850. The next major resistance is near the 0.5880 level.
A clear move above the 0.5880 level might even push the pair toward the 0.5920 level. Any more gains might clear the path for a move toward the 0.6000 resistance zone in the coming days.
On the downside, immediate support is near the 0.5825 level. There is also a key bullish trend line forming with support at 0.5825. The first key support is near the 0.5765 level. The next major support is near the 0.5670 level and the 50% Fib retracement level of the upward move from the 0.5485 swing low to the 0.5853 high.
If there is a downside break below the 0.5670 support, the pair might slide toward the 0.5570 support. Any more losses could lead NZD/USD in a bearish zone to 0.5515.
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