Market Analysis: NZD/USD Rebound Could Be Limited
Market Analysis: NZD/USD Rebound Could Be Limited
NZD/USD is also correcting losses and might recover further if there is a clear move above the 0.6030 resistance.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is attempting a recovery wave above the 0.5960 resistance.
- There was a break above a major bearish trend line with resistance near 0.5980 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 0.6030 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6000 against the US Dollar.
The pair even dropped below the 50-hour simple moving average and tested 0.5940. A low was formed near 0.5939 and the pair is now attempting a fresh increase. It is back above the 0.5960 level and the 50-hour simple moving average.
Besides, there was a break above a major bearish trend line with resistance near 0.5980. The pair surpassed the 50% Fib retracement level of the downward move from the 0.6031 swing high to the 0.5939 low.
On the upside, the pair is facing resistance near the 76.4% Fib retracement level of the downward move from the 0.6031 swing high to the 0.5939 low at 0.6010.
The next major resistance is near the 0.6030 level. If there is a move above 0.6030, the pair could rise toward the 0.6050 resistance. Any more gains might open the doors for a move toward the 0.6085 resistance zone.
On the downside, immediate support on the NZD/USD chart is near 0.5975. The next major support is near the 0.5960 zone. If there is a downside break below 0.5960, the pair could extend the decline toward the 0.5940 level. The next key support is near 0.5910.
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 correcting losses and might recover further if there is a clear move above the 0.6030 resistance.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is attempting a recovery wave above the 0.5960 resistance.
- There was a break above a major bearish trend line with resistance near 0.5980 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 0.6030 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6000 against the US Dollar.
The pair even dropped below the 50-hour simple moving average and tested 0.5940. A low was formed near 0.5939 and the pair is now attempting a fresh increase. It is back above the 0.5960 level and the 50-hour simple moving average.
Besides, there was a break above a major bearish trend line with resistance near 0.5980. The pair surpassed the 50% Fib retracement level of the downward move from the 0.6031 swing high to the 0.5939 low.
On the upside, the pair is facing resistance near the 76.4% Fib retracement level of the downward move from the 0.6031 swing high to the 0.5939 low at 0.6010.
The next major resistance is near the 0.6030 level. If there is a move above 0.6030, the pair could rise toward the 0.6050 resistance. Any more gains might open the doors for a move toward the 0.6085 resistance zone.
On the downside, immediate support on the NZD/USD chart is near 0.5975. The next major support is near the 0.5960 zone. If there is a downside break below 0.5960, the pair could extend the decline toward the 0.5940 level. The next key support is near 0.5910.
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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