Market Analysis: NZD/USD Under Pressure, Downtrend Persists
Market Analysis: NZD/USD Under Pressure, Downtrend Persists
NZD/USD is also moving lower and might struggle to recover above 0.5900.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD declined steadily from the 0.5930 resistance zone.
- There was a break below a short-term contracting triangle with support at 0.5865 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.5930 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5900 against the US Dollar.
The pair settled below the 0.5880 level and the 50-hour simple moving average. Besides, there was a break below a short-term contracting triangle with support at 0.5865.
Finally, it tested the 0.5830 zone and is currently consolidating losses. Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.5904 swing high to the 0.5831 low at 0.5840.
The next resistance is the 0.5865 level or the 50% Fib retracement level of the downward move from the 0.5904 swing high to the 0.5831 low. If there is a move above 0.5865, the pair could rise toward 0.5905.
Any more gains might open the doors for a move toward the 0.5930 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.5830 level.
The next major support is near the 0.5800 zone. If there is a downside break below 0.5800, the pair could extend its decline toward the 0.5765 level. The next key support is near 0.5740.
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.
NZD/USD is also moving lower and might struggle to recover above 0.5900.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD declined steadily from the 0.5930 resistance zone.
- There was a break below a short-term contracting triangle with support at 0.5865 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.5930 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5900 against the US Dollar.
The pair settled below the 0.5880 level and the 50-hour simple moving average. Besides, there was a break below a short-term contracting triangle with support at 0.5865.
Finally, it tested the 0.5830 zone and is currently consolidating losses. Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.5904 swing high to the 0.5831 low at 0.5840.
The next resistance is the 0.5865 level or the 50% Fib retracement level of the downward move from the 0.5904 swing high to the 0.5831 low. If there is a move above 0.5865, the pair could rise toward 0.5905.
Any more gains might open the doors for a move toward the 0.5930 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.5830 level.
The next major support is near the 0.5800 zone. If there is a downside break below 0.5800, the pair could extend its decline toward the 0.5765 level. The next key support is near 0.5740.
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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