NZD/USD Signal More Downsides
NZD/USD is also moving lower and might trade below the 0.5800 zone.
Important Takeaways for NZD/USD Analysis Today
· NZD/USD declined steadily from the 0.5930 resistance zone.
· There is a connecting bearish trend line forming with resistance near 0.5840 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 0.5870 against the US Dollar.
The pair even tested the 0.5815 zone before there was a minor recovery wave. The pair climbed above the 23.6% Fib retracement level of the downward move from the 0.5916 swing high to the 0.5815 low. However, it failed to surpass the 50-hour simple moving average at 0.5870.
It is now moving lower and trading well below 0.5870. On the downside, immediate support on the NZD/USD chart is near the 0.5815 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 0.5740 level. The next key support is near 0.5700.
Immediate resistance on the upside is near a connecting bearish trend line at 0.5840. The next resistance is at 0.5855, followed by 0.5870. If there is a move above 0.5870, the pair could rise toward 0.5930. Any more gains might open the doors for a move toward the 0.5965 resistance zone in the coming days.
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.
Important Takeaways for NZD/USD Analysis Today
· NZD/USD declined steadily from the 0.5930 resistance zone.
· There is a connecting bearish trend line forming with resistance near 0.5840 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 0.5870 against the US Dollar.
The pair even tested the 0.5815 zone before there was a minor recovery wave. The pair climbed above the 23.6% Fib retracement level of the downward move from the 0.5916 swing high to the 0.5815 low. However, it failed to surpass the 50-hour simple moving average at 0.5870.
It is now moving lower and trading well below 0.5870. On the downside, immediate support on the NZD/USD chart is near the 0.5815 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 0.5740 level. The next key support is near 0.5700.
Immediate resistance on the upside is near a connecting bearish trend line at 0.5840. The next resistance is at 0.5855, followed by 0.5870. If there is a move above 0.5870, the pair could rise toward 0.5930. Any more gains might open the doors for a move toward the 0.5965 resistance zone in the coming days.
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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