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NZD/USD Holding Important Supports

Currencies / Forex Trading Aug 09, 2018 - 02:50 PM GMT

By: FXOpen

Currencies

The weekly chart of NZD/USD suggests that the pair is trading in a bearish zone, but it is currently trading near important support levels.

Key Points

  • NZD/USD is currently testing a key connecting support trend line at 0.6700 on the weekly chart.
  • The pair could correct higher, but upsides are likely to be capped by 0.6850.

NZD/USD Technical Analysis

The New Zealand Dollar was rejected near the 0.7400 level in April 2018 against the US Dollar. The NZD/USD pair made many attempts to move past 0.7400, but it failed.

As a result, there was a sharp downside move and the pair tumbled below the 0.7200, 0.7000 and 0.6900 support levels. The pair traded below the 0.6800 support and even settled below the 50-week simple moving average.

However, the pair found a strong support near the 0.6700 level and a connecting support trend line on the weekly chart. At the moment, the pair is consolidating above the 0.6700 level and it could correct higher.

An initial resistance awaits near the 23.6% Fib retracement level of the last major drop from the 0.7395 high to 0.6687 low near 0.6850. Above this resistance, the pair may perhaps recover nicely above the 0.6900 level.

The next significant resistance above 0.6850 is at 0.7000/40, which coincides with the 50% Fib retracement level of the last major drop from the 0.7395 high to 0.6687 low.

On the flip side, if NZD/USD fails to stay above 0.6700 and the trend line support, there could be heavy losses towards the next support at 0.6500 in the medium term.

 

The market outlook is provided by FXOpen broker.

FXOpen - true ECN/STP Forex and cryptocurrency broker.

© 2018 Copyright FXOpen - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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