- NZD/USD treads water below the psychological level of 0.6100.
- The nine-day EMA at 0.6110 appears to be a key barrier, followed by the 23.6% Fibonacci retracement level at 0.6124.
- A break below the major support of 0.6050 level could lead to a revisiting of February’s low at 0.6037.
NZD/USD has recovered intraday losses and strives to move into positive territory, trading around 0.6090 during the Asian session on Wednesday. It is situated just below the immediate resistance level at the psychological barrier of 0.6100.
A decisive move above the latter could provide upward momentum for the NZD/USD pair, potentially testing key resistance levels. The first barrier lies at the nine-day Exponential Moving Average (EMA) of 0.6110, followed by the 23.6% Fibonacci retracement level at 0.6124. These levels will be closely monitored by traders for potential bullish signals.
The NZD/USD pair faces further resistance barriers as it seeks to climb higher, with key levels anticipated at 0.6150, followed by the psychological threshold of 0.6200 and February’s peak at 0.6219.
However, technical analysis using the Moving Average Convergence Divergence (MACD) suggests a prevailing downward sentiment for the NZD/USD pair. The MACD line is positioned below both the centerline and the signal line, indicating a bearish trend. Additionally, the 14-day Relative Strength Index (RSI) is below the 50 level, further confirming the bearish sentiment.
In the event of a downside movement, significant support levels for the NZD/USD pair are expected at the major support level of 0.6050, followed by February’s low at 0.6037. A breach below these levels could intensify downward pressure, potentially leading the pair toward the support region near the psychological level of 0.6000. Traders will closely monitor these levels for potential shifts in market sentiment.
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