FX.co ★ NZD/USD

Hello traders, Currency pair NZD/USD - W1 chart. The wave structure on this higher timeframe is neutral. The MACD indicator has entered the upper buying zone. During the uptrend, the price reached the area of horizontal resistance at 0.6080, breaking through a descending line that could have halted the rise. However, the weakening of the US dollar in the market was so significant that this line did not hold. Additionally, the horizontal resistance level at 0.5839 was broken and turned into support. I anticipate a decline towards this support level, either with a slight breach above the 0.6080 resistance or without it. Looking at the other major pairs in the market, it is evident that the US dollar is inclined to strengthen after the recent significant weakening. Furthermore, the CCI indicator has entered the overbought zone. Some decrease from the current level has already occurred, and I expect this to continue leading the price down to the mentioned support. Trading on lower timeframes has been exclusively downwards until now. The neighboring Australian dollar has also climbed high and shows signals for a decline, which is favorable for a downward movement here. Although, of course, there is also a cross-rate between the currency pairs NZD/USD and AUD/USD.

D1 chart. Here in January, there was a long upward wave like a snake without pullbacks, making a retracement very likely. The overall strengthening in the US dollar correction came later, and the price for this pair reached the 38.2 level on the Fibonacci retracement grid. From there, a buy-up started, pushing the price closer to the top again. However, unlike the Australian dollar, the price has not yet reached the top. It may not reach it at all. Overall, concerning the major currencies, the US dollar will strengthen. I assume that the price will be pushed down to the previously reached low of 0.5924 and retest it. Whether with a retest of the peak or without, in any case, the minimum target will remain the same, a retest of 0.5924. It seems like the decline will happen without breaking above the maximum.