Market Analysis: NZD/USD Grind Higher Steadily
Market Analysis: NZD/USD Grind Higher Steadily
NZD/USD is also rising and could extend its increase above the 0.6220 resistance zone.
Important Takeaways for NZD/USD Analysis Today
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair also followed AUD/USD. The New Zealand Dollar formed a base above the 0.6130 level and started a decent increase against the US Dollar.
The recent low was at 0.6178 before the pair climbed above the 0.6190 resistance and the 50-hour simple moving average. There was a move above the 50% Fib retracement level of the downward move from the 0.6217 swing high to the 0.6178 low.
On the upside, the pair is facing resistance near the 0.6200 zone. It is near the 61.8% Fib retracement level of the downward move from the 0.6217 swing high to the 0.6178 low.
The NZD/USD chart suggests that the RSI is stable above 50. The next major resistance is near the 0.6220 level. A clear move above the 0.6220 level might even push the pair toward the 0.6280 level. Any more gains might clear the path for a move toward the 0.6350 resistance zone in the coming days.
On the downside, there is a support forming near 0.6190. There is also a bullish trend line forming with support at 0.6190. The next major support is 0.6180. If there is a downside break below the 0.6180 support, the pair might slide toward the 0.6130 support. Any more losses could lead NZD/USD in a bearish zone to 0.6050.
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 0.6220 resistance zone.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is showing positive signs above the 0.6180 support.
- There is a major bullish trend line forming with support at 0.6190 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 AUD/USD. The New Zealand Dollar formed a base above the 0.6130 level and started a decent increase against the US Dollar.
The recent low was at 0.6178 before the pair climbed above the 0.6190 resistance and the 50-hour simple moving average. There was a move above the 50% Fib retracement level of the downward move from the 0.6217 swing high to the 0.6178 low.
On the upside, the pair is facing resistance near the 0.6200 zone. It is near the 61.8% Fib retracement level of the downward move from the 0.6217 swing high to the 0.6178 low.
The NZD/USD chart suggests that the RSI is stable above 50. The next major resistance is near the 0.6220 level. A clear move above the 0.6220 level might even push the pair toward the 0.6280 level. Any more gains might clear the path for a move toward the 0.6350 resistance zone in the coming days.
On the downside, there is a support forming near 0.6190. There is also a bullish trend line forming with support at 0.6190. The next major support is 0.6180. If there is a downside break below the 0.6180 support, the pair might slide toward the 0.6130 support. Any more losses could lead NZD/USD in a bearish zone to 0.6050.
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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