Market Analysis: NZD/USD Start Fresh Rally
Market Analysis: NZD/USD Start Fresh Rally
NZD/USD is also rising and could extend its increase above the 0.6200 resistance zone.
Important Takeaways for NZD/USD Analysis Today
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair followed AUD/USD. The New Zealand Dollar formed a base above the 0.6070 level and started a decent increase against the US Dollar.
The pair climbed above the 0.6125 resistance and the 50-hour simple moving average. The pair even spiked above 0.6180. A high is formed near 0.6183 and the pair is now consolidating gains.
On the upside, the pair is facing resistance near the 0.6185 zone. The NZD/USD chart suggests that the RSI is stable above 50. The next major resistance is near the 0.6200 level. A clear move above 0.6200 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 a support forming near 0.6170. There is also a bullish trend line forming with support at 0.6170.
The next major support is 0.6155 or the 23.6% Fib retracement level of the upward move from the 0.6068 swing low to the 0.6183 high. If there is a downside break below the 0.6155 support, the pair might slide towards 0.6125.
The 50% Fib retracement level of the upward move from the 0.6068 swing low to the 0.6183 high is also at 0.6125. Any more losses could lead NZD/USD in a bearish zone to 0.6070.
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 rising and could extend its increase above the 0.6200 resistance zone.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is gaining pace above the 0.6155 support.
- A key bullish trend line is forming with support at 0.6170 on the hourly chart of NZD/USD at FXOpen.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair followed AUD/USD. The New Zealand Dollar formed a base above the 0.6070 level and started a decent increase against the US Dollar.
The pair climbed above the 0.6125 resistance and the 50-hour simple moving average. The pair even spiked above 0.6180. A high is formed near 0.6183 and the pair is now consolidating gains.
On the upside, the pair is facing resistance near the 0.6185 zone. The NZD/USD chart suggests that the RSI is stable above 50. The next major resistance is near the 0.6200 level. A clear move above 0.6200 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 a support forming near 0.6170. There is also a bullish trend line forming with support at 0.6170.
The next major support is 0.6155 or the 23.6% Fib retracement level of the upward move from the 0.6068 swing low to the 0.6183 high. If there is a downside break below the 0.6155 support, the pair might slide towards 0.6125.
The 50% Fib retracement level of the upward move from the 0.6068 swing low to the 0.6183 high is also at 0.6125. Any more losses could lead NZD/USD in a bearish zone to 0.6070.
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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