NZD/USD Builds Momentum As Bulls Target Fresh GainsMarket Analysis: NZD/USD Builds Momentum As Bulls Target Fresh Gains
NZD/USD is also rising and might aim for more gains above 0.6060.
Important Takeaways for NZD USD Analysis Today
- NZD/USD is consolidating gains above the 0.5995 pivot zone.
- There is a major bearish trend line forming with resistance at 0.6030 on the hourly chart of NZD/USD.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD, the pair started a fresh increase from 0.5930. The New Zealand Dollar broke the 0.5950 barrier to start the recent rally against the US Dollar.
The pair settled above 0.6000 and the 50-hour simple moving average. The bulls were able to push the pair above the 61.8% Fib retracement level of the downward move from the 0.6060 swing high to the 0.5928 low.
However, the bears are now protecting the 76.4% Fib retracement at 0.6030. There is also a major bearish trend line forming with resistance at 0.6030. The NZD/USD chart suggests that the RSI is still above 50.
On the downside, immediate support is near the 0.5995 level and the 50-hour simple moving average. The first key zone for the bulls sits at 0.5930.
The next key level is 0.5900. If there is a downside break below 0.5900, the pair might slide toward 0.5865. Any more losses could lead NZD/USD into a bearish zone to 0.5820.
On the upside, the pair might struggle near 0.6030. The next major resistance is near the 0.6060 zone. A clear move above 0.6060 might even push the pair toward 0.6090. Any more gains might clear the path for a move toward the 0.6120 zone in the coming days.
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