Market Analysis: NZD/USD Regain Strength
NZD/USD is also rising and could extend its increase above the 0.6370 resistance zone.
Important Takeaways for NZD USD Analysis Today
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.6240 level. The New Zealand Dollar broke the 0.6290 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6305 and the 50-hour simple moving average. It tested the 0.6370 zone and is currently consolidating gains above the 23.6% Fib retracement level of the upward wave from the 0.6238 swing low to the 0.6369 high.
The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the upside, the pair might struggle near 0.6360. The next major resistance is near the 0.6370 level.
A clear move above the 0.6370 level might even push the pair toward the 0.6400 level. Any more gains might clear the path for a move toward the 0.6500 resistance zone in the coming days.
On the downside, there is a short-term contracting triangle forming with support near 0.6320. The next major support is near the 50% Fib retracement level of the upward wave from the 0.6238 swing low to the 0.6369 high at 0.6305.
If there is a downside break below the 0.6305 support, the pair might slide toward the 0.6290 support. Any more losses could lead NZD/USD in a bearish zone to 0.6240.
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 0.6320 support.
- There is a short-term contracting triangle forming with support near 0.6320 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 0.6240 level. The New Zealand Dollar broke the 0.6290 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6305 and the 50-hour simple moving average. It tested the 0.6370 zone and is currently consolidating gains above the 23.6% Fib retracement level of the upward wave from the 0.6238 swing low to the 0.6369 high.
The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the upside, the pair might struggle near 0.6360. The next major resistance is near the 0.6370 level.
A clear move above the 0.6370 level might even push the pair toward the 0.6400 level. Any more gains might clear the path for a move toward the 0.6500 resistance zone in the coming days.
On the downside, there is a short-term contracting triangle forming with support near 0.6320. The next major support is near the 50% Fib retracement level of the upward wave from the 0.6238 swing low to the 0.6369 high at 0.6305.
If there is a downside break below the 0.6305 support, the pair might slide toward the 0.6290 support. Any more losses could lead NZD/USD in a bearish zone to 0.6240.
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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