NZD/USD is also moving lower and might trade below the 0.5900 zone.
Important Takeaways for NZD/USD Analysis Today
· NZD/USD declined heavily from the 0.5985 resistance zone.
· There was a break below a major bullish trend line with support near 0.5945 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 0.5985 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5950 against the US Dollar.
There was a break below a major bullish trend line with support near 0.5945 and the 50-hour simple moving average. The pair settled below the 61.8% Fib retracement level of the upward move from the 0.5896 swing low to the 0.5985 high.
The current price action suggests a high chance of more losses below the 76.4% Fib retracement level of the upward move from the 0.5896 swing low to the 0.5985 high.
On the downside, immediate support on the NZD/USD chart is near the 0.5900 level. The next major support is near the 0.5865 zone. If there is a downside break below 0.5865, the pair could extend its decline toward the 0.5840 level. The next key support is near 0.5800.
Immediate resistance on the upside is near 0.5930. If there is a move above 0.5930, the pair could rise toward the 50-hour simple moving average at 0.5945. Any more gains might open the doors for a move toward the 0.5985 resistance zone in the coming days.
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