Today, NZD/USD continues to develop an upward correction, moving towards the key long-term resistance level of 0.6230 (200 EMA on the daily chart).
From a technical point of view, also taking into account the growth potential of the US dollar, a pullback is likely around this resistance level and some stabilization around the levels of 0.6200 and 0.6100.
At the same time, below the resistance level of 0.6230, NZD/USD remains in a long-term bear market zone. The first signal for the resumption of short positions will be a breakdown of support levels 0.6086 (200 EMA on the 1-hour chart), 0.6065 (local support level).
In the alternative scenario, NZD/USD will continue to rise towards the next long-term resistance level of 0.6305 (50 EMA on the weekly chart). Its breakdown, in turn, significantly increases the chances of NZD/USD returning to a long-term bullish trend.
Support levels: 0.6120, 0.6086, 0.6065, 0.5975, 0.5940, 0.5900, 0.5860, 0.5600, 0.5565, 0.5512, 0.5470
Resistance levels: 0.6200, 0.6235, 0.6260, 0.6305
Trading Tips
Sell Stop 0.6085. Stop-Loss 0.6175. Take-Profit 0.6065, 0.5975, 0.5940, 0.5900, 0.5860, 0.5600, 0.5565, 0.5512, 0.5470
Buy Stop 0.6175. Stop-Loss 0.6085. Take-Profit 0.6200, 0.6235, 0.6260, 0.6305
