Market Analysis: NZD/USD Signal More LossesMarket Analysis: NZD/USD Signal More Losses
NZD/USD is also moving lower and might trade below the 0.6000 zone.
Important Takeaways for NZD/USD Analysis Today
NZD/USD declined steadily from the 0.6105 resistance zone.
There was a break below a key bullish trend line with support at 0.6040 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 a similar pattern and declined from the 0.6105 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6055 against the US Dollar.
The pair dived below the 61.8% Fib retracement level of the upward move from the 0.6024 swing low to the 0.6106 high. Besides, there was a break below a key bullish trend line with support at 0.6040. The pair settled below the 0.6025 level and the 50-hour simple moving average.
On the downside, immediate support on the NZD/USD chart is near the 0.6005 level. It is close to the 1.236 Fib extension level of the upward move from the 0.6024 swing low to the 0.6106 high.
The next major support is near the 0.5980 zone. If there is a downside break below 0.5980, the pair could extend its decline toward the 0.5950 level. The next key support is near 0.5920.
Immediate resistance on the upside is near 0.6025. The next resistance is at 0.6055 and the 50-hour simple moving average. If there is a move above 0.6055, the pair could rise toward 0.6090. Any more gains might open the doors for a move toward the 0.6150 resistance zone in the coming days.
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