Market Analysis: NZD/USD Could Continue HigherMarket Analysis: NZD/USD Could Continue Higher
NZD/USD is showing positive signs and might attempt a fresh increase above 0.5720.
Important Takeaways for NZD USD Analysis Today
- NZD/USD is holding gains above the 0.5695 support zone.
- There was a break below a major bullish trend line with support at 0.5720 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 0.5585 zone. The New Zealand Dollar broke the 0.5635 resistance to start the recent increase against the US Dollar.
The pair settled above 0.5695 and the 50-hour simple moving average. It tested the 0.5760 zone and is currently correcting gains. The pair corrected lower below the 0.5720 level. The pair also traded below the 23.6% Fib retracement level of the upward wave from the 0.5595 swing low to the 0.5759 high.
Besides, there was a break below a major bullish trend line with support at 0.5720. The NZD/USD chart suggests that the RSI is now below 50. On the downside, there is major support forming near 0.5695.
The next major support is near the 61.8% Fib retracement level of the upward wave from the 0.5595 swing low to the 0.5759 high at 0.5660.
If there is a downside break below the 0.5660 support, the pair might slide toward the 0.5635 support. Any more losses could lead NZD/USD in a bearish zone to 05585.
On the upside, the pair might struggle near 0.5720. The next major resistance is near the 0.5760 level. A clear move above the 0.5760 level might even push the pair toward the 0.5800 level. Any more gains might clear the path for a move toward the 0.5840 resistance zone in the coming days.
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