NZD/USD Technical Analysis: 0.6710/0.6700 questions sellers, falling wedge on 4H highlights 0.6770 resistance
|NZD/USD daily chart
- NZD/USD trades near 0.6720 ahead of European open on Thursday. The pair recently bounced off 0.6710 – 0.6700 support-confluence comprising an ascending trend-line stretched since October 31 and a horizontal-line including lows marked since January 08.
- Pair’s recent pullback can avail 0.6770 as an intermediate halt during its upside to 0.6800 and then to the 0.6810 joint between 50-day simple moving average (SMA) and 100-day SMA. During the quote’s extended rise past-0.6810, 0.6840, 0.6880 and 0.6900 could become bulls’ favorites.
- On the downside break of 0.6700, sellers may wait for 0.6690 to validate the downturn till 0.6650 and then to January lows near 0.6585.
NZD/USD 4-Hour chart
- The pair forms “falling wedge” bullish formation on the four-hour (4H) chart that gets confirmed on the break of 0.6770, opening the door for its upward trajectory towards 0.6870.
- On the downside break of 0.6700 pattern support, recent lows near 0.6665 can gain bears’ attention.
NZD/USD hourly chart
- While 0.6730 acts as closest resistance-line, 61.8% Fibonacci expansion of current month moves near 0.6640 can please bears between 0.6650 and 0.6585.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.