Market Analysis: NZD/USD Ready to Climb AgainMarket Analysis: NZD/USD Ready to Climb Again
NZD/USD is also rising and could aim for a move above the 0.5945 resistance.
Important Takeaways for NZD/USD Analysis Today
- NZD/USD is consolidating above the 0.5915 support.
- There was a break above a connecting bearish trend line with resistance at 0.5910 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 0.5900 level and started a decent increase against the US Dollar.
The pair climbed above the 0.5980 resistance. It tested the 0.6020 resistance before there was a pullback. The recent low was formed at 0.58704 and the pair is again rising above the 50-hour simple moving average.
There was a break above a connecting bearish trend line with resistance at 0.5910. The pair cleared the 0.5915 resistance and the 23.6% Fib retracement level of the downward move from the 0.6022 swing high to the 0.5870 low.
The NZD/USD chart suggests that the RSI is back above 50 signaling a positive bias. On the upside, the pair is facing resistance near the 50% Fib retracement level of the downward move from the 0.6022 swing high to the 0.5870 low at 0.5945.
The next major resistance is near the 0.5985 level. A clear move above the 0.5985 level might even push the pair toward the 0.6020 level. Any more gains might clear the path for a move toward the 0.6050 resistance zone in the coming days.
On the downside, there is a support forming near the 0.5915 zone. If there is a downside break below the 0.5915 support, the pair might slide toward 0.5870. Any more losses could lead NZD/USD in a bearish zone to 0.5810.
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