Market Analysis: NZD/USD Regain StrengthMarket Analysis: NZD/USD Regain Strength
NZD/USD is showing positive signs and might attempt a fresh increase above 0.6275.
Important Takeaways for NZD USD Analysis Today
- NZD/USD is correcting gains from the 0.6300 zone.
- There is a major bullish trend line forming with support at 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 0.6140 zone. The New Zealand Dollar broke the 0.6200 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 0.6300 zone and is currently correcting gains. The pair corrected lower below the 0.6275 level. The pair also traded below the 23.6% Fib retracement level of the upward wave from the 0.6194 swing low to the 0.6298 high.
The NZD/USD chart suggests that the RSI is now below 50. On the downside, there is major support forming near 0.6255 and a trend line.
The next major support is near the 61.8% Fib retracement level of the upward wave from the 0.6194 swing low to the 0.6298 high at 0.6235.
If there is a downside break below the 0.6235 support, the pair might slide toward the 0.6195 support. Any more losses could lead NZD/USD in a bearish zone to 0.6160.
On the upside, the pair might struggle near 0.6275. The next major resistance is near the 0.6300 level. A clear move above the 0.6300 level might even push the pair toward the 0.6340 level. Any more gains might clear the path for a move toward the 0.6400 resistance zone in the coming days.
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