NZD/USD Could Gain Bullish Momentum
NZD/USD is rising and might aim a move above the 0.6300 resistance.
Important Takeaways for NZD/USD
· NZD/USD started a decent increase above the 0.6250 resistance zone.
· There was a clear move above a key bearish trend line with resistance near 0.6265 on the hourly chart of NZD/USD.
NZD/USD Technical Analysis
The New Zealand Dollar started a decent increase from the 0.6200 support zone against the US Dollar. The NZD/USD pair climbed above the 0.6220 and 0.6240 resistance levels.
The bulls pushed the pair above the 0.6250 level and the 50 hourly simple moving average. There was a clear move above a key bearish trend line with resistance near 0.6265 on the hourly chart of NZD/USD.
NZD/USD Hourly Chart
The pair even traded close to the 0.6300 level. A high is formed near 0.6297 and the pair is now consolidating gains. An immediate support is near the 0.6275 level. It is near the 23.6% Fib retracement level of the recent increase from the 0.6203 swing low to 0.6297 high.
The next support could be the 0.6260 zone. If there is a downside break below the 0.6260 support, the pair could extend its decline.
In the stated case, the pair may perhaps decline towards the 0.6240 support level or the 61.8% Fib retracement level of the recent increase from the 0.6203 swing low to 0.6297 high. Any more losses could set the pace for a test of the 0.6200 level.
On the upside, an initial resistance is near the 0.6295 level. The next major resistance is near the 0.6300 level. A clear move above the 0.6300 level might even push the pair towards the 0.6340 level. Any more gains might open the doors for a move towards the 0.6400 resistance zone in the coming days.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for NZD/USD
· NZD/USD started a decent increase above the 0.6250 resistance zone.
· There was a clear move above a key bearish trend line with resistance near 0.6265 on the hourly chart of NZD/USD.
NZD/USD Technical Analysis
The New Zealand Dollar started a decent increase from the 0.6200 support zone against the US Dollar. The NZD/USD pair climbed above the 0.6220 and 0.6240 resistance levels.
The bulls pushed the pair above the 0.6250 level and the 50 hourly simple moving average. There was a clear move above a key bearish trend line with resistance near 0.6265 on the hourly chart of NZD/USD.
NZD/USD Hourly Chart
The pair even traded close to the 0.6300 level. A high is formed near 0.6297 and the pair is now consolidating gains. An immediate support is near the 0.6275 level. It is near the 23.6% Fib retracement level of the recent increase from the 0.6203 swing low to 0.6297 high.
The next support could be the 0.6260 zone. If there is a downside break below the 0.6260 support, the pair could extend its decline.
In the stated case, the pair may perhaps decline towards the 0.6240 support level or the 61.8% Fib retracement level of the recent increase from the 0.6203 swing low to 0.6297 high. Any more losses could set the pace for a test of the 0.6200 level.
On the upside, an initial resistance is near the 0.6295 level. The next major resistance is near the 0.6300 level. A clear move above the 0.6300 level might even push the pair towards the 0.6340 level. Any more gains might open the doors for a move towards the 0.6400 resistance zone in the coming days.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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