Market Analysis: NZD/USD Extends Increase
NZD/USD is rising and could extend its increase above the 0.6185 resistance zone.
Important Takeaways for NZD USD Analysis Today
· NZD/USD is gaining bullish momentum above the 0.6120 support.
· There is a key bullish trend line forming with support near 0.6140 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 0.6060 level. The New Zealand Dollar broke the 0.6120 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6140 and the 50-hour simple moving average. It tested the 0.6210 zone before there was a downside correction to 0.6120. The pair is again rising and trading above the 50% Fib retracement level of the downward move from the 0.6208 swing high to the 0.6120 low.
The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the upside, the pair might struggle near the 76.4% Fib retracement level of the downward move from the 0.6208 swing high to the 0.6120 low at 0.6185.
The next major resistance is near the 0.6210 level. A clear move above the 0.6210 level might even push the pair toward the 0.6250 level. Any more gains might clear the path for a move toward the 0.6320 resistance zone in the coming days.
On the downside, there is major support forming near a bullish trend line at 0.6140. The next major support is near 0.6120, below which the pair might test 0.6060.
If there is a downside break below the 0.6060 support, the pair might slide toward the 0.6020 support. Any more losses could lead NZD/USD in a bearish zone to 0.6000.
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 is gaining bullish momentum above the 0.6120 support.
· There is a key bullish trend line forming with support near 0.6140 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 0.6060 level. The New Zealand Dollar broke the 0.6120 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6140 and the 50-hour simple moving average. It tested the 0.6210 zone before there was a downside correction to 0.6120. The pair is again rising and trading above the 50% Fib retracement level of the downward move from the 0.6208 swing high to the 0.6120 low.
The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the upside, the pair might struggle near the 76.4% Fib retracement level of the downward move from the 0.6208 swing high to the 0.6120 low at 0.6185.
The next major resistance is near the 0.6210 level. A clear move above the 0.6210 level might even push the pair toward the 0.6250 level. Any more gains might clear the path for a move toward the 0.6320 resistance zone in the coming days.
On the downside, there is major support forming near a bullish trend line at 0.6140. The next major support is near 0.6120, below which the pair might test 0.6060.
If there is a downside break below the 0.6060 support, the pair might slide toward the 0.6020 support. Any more losses could lead NZD/USD in a bearish zone to 0.6000.
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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