NZD/USD technical analysis: the pair entered a bearish zone

FXOpen Broker Team FXOpen

The New Zealand Dollar started a major drop from the 0.6700 resistance area against the US Dollar. The NZD/USD pair broke the 0.6680 and 0.6650 support levels to enter a bearish zone.

The price even broke the 0.6600 support and settled below the 50 hourly simple moving average. A swing low was formed at 0.6581 and recently the pair corrected above the 23.6% Fib retracement level of the recent decline from the 0.6629 high to 0.6581 low on FXOpen.

However, there are many hurdles on the upside near 0.6610 and a bearish trend line on the hourly chart. The 50% Fib retracement level of the recent decline from the 0.6629 high to 0.6581 low at 0.6605 may also act as a resistance.

Overall, NZD/USD might correct higher in the short term, but upsides are likely to remain capped near 0.6605, 0.6610 and 0.6615.

Author

FXOpen Broker Team

FXOpen

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