NZD/USD volatility may rise again today at 12:30 and 22:45 (GMT), which will be associated with the publication of important macro statistics for the US and New Zealand.
As of this writng, the NZD/USD pair is trading near the 0.5990 mark.
The breakdown of today's local low of 0.5976 will be a signal to open new short positions. In this case, NZD/USD will head deeper into the descending channel on the weekly chart, the lower border of which is close to 0.5670.
In an alternative scenario, the breakdown of the resistance levels 0.6065, 0.6087 (200 EMA on the 1-hour chart) will become a signal for the resumption of the upward correction and long positions with the first target at the resistance level of 0.6200 (50 EMA on the daily chart).
In general, the downward dynamics of NZD/USD prevails, while the pair remains in a long-term bearish market zone—below the key resistance levels 0.6745 (200 EMA on the weekly chart), 0.6480 (200 EMA on the daily chart). Only their breakdown will bring the pair back into the zone of a long-term bull market.
Support levels: 0.5976, 0.5900, 0.5850, 0.5670
Resistance levels: 0.6065, 0.6087, 0.6170, 0.6200, 0.6390, 0.6480, 0.6560, 0.6745
Trading Tips
Sell Stop 0.5970. Stop-Loss 0.6020. Take-Profit 0.5900, 0.5850, 0.5670
Buy Stop 0.6020. Stop-Loss 0.5970. Take-Profit 0.6065, 0.6087, 0.6170, 0.6200, 0.6390, 0.6480, 0.6560, 0.6745
