Today, NZD/USD continues to develop an upward correction, having reached the zone of key long-term resistance levels 0.6115 (144 EMA on the daily chart) and 0.6235 (200 EMA on the daily chart). Since NZD/USD remains in the zone of the long-term bearish market—below the key resistance levels 0.6305 (50 EMA on the weekly chart), 0.6235 (200 EMA on the daily chart), we expect a rebound or at least some price stabilization near the current levels.
The first signal to resume short positions will be a breakdown of support levels 0.6115, 0.6065 (local support level).
If the upward correction does not end near these levels, and there is no rebound, then a breakdown of the resistance levels 0.6260 (38.2% Fibonacci retracement of the upward correction in the wave of decline from 0.7465 to 0.5512), 0.6305 significantly increases the chances of NZD/USD return to the long-term bullish trend.
And today, the volatility in the NZD/USD pair may increase again at 13:30 (GMT) and after 14:00, which will be associated with the publication of macro statistics for the US and fresh data on prices for dairy products from Global Dairy Trade.
Support levels: 0.6115, 0.6065, 0.5975, 0.5900, 05860, 0.5600, 0.5565, 0.5512, 0.5470
Resistance levels: 0.6200, 0.6235, 0.6260, 0.6305
Trading Tips
Sell Stop 0.6090. Stop-Loss 0.6180. Take-Profit 0.6065, 0.5975, 0.5900, 05860, 0.5600, 0.5565, 0.5512, 0.5470
Buy Stop 0.6180. Stop-Loss 0.6090. Take-Profit 0.6200, 0.6235, 0.6260, 0.6305
