NZD/USD Technical Analysis: Bulls need progress soon
|- In the last 24 hours, the NZD/USD pair failed twice to capitalize on the inverse head-and-shoulders breakout and has established a lower highs pattern on the hourly chart.
- So, the ascending trendline support of 0.6566 could soon be put to test. Acceptance below that level would further embolden the bears.
- The bulls need a quick move above 0.6608 (previous day's high).
Hourly Chart
Spot Rate: 0.6580
Daily High: 0.6598
Daily Low: 0.6573
Trend: Neutral
R1: 0.6608 (previous day's high)
R2: 0.6641 (61.8% Fib R of 0.6727/0.6501)
R3: 0.6675 (50-day moving average)
Support
S1: 0.6571 (5-day moving average)
S2: 0.6539 (Sept. 17 low)
S3: 0.6500 (psychological level)
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.