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Abstract:Upon analyzing the 4-hour chart, it is evident that the pair acquired a bearish momentum post the breach of the 0.6120 support level. Notably, there took place a closure beneath the 0.6100, the 100 simple moving average (depicted in red for a 4 hour duration), and the 200 simple moving average (marked in green for a 4 hour stretch).
Upon analyzing the 4-hour chart, it is evident that the pair acquired a bearish momentum post the breach of the 0.6120 support level. Notably, there took place a closure beneath the 0.6100, the 100 simple moving average (depicted in red for a 4 hour duration), and the 200 simple moving average (marked in green for a 4 hour stretch).
The pair is now consolidating near the 0.6065 zone. A downside break and close below the 0.6065 zone could set the pace for a sustained decline.
The next major support is near 0.6000, below which NZD/USD could slide toward the 0.5950 zone. On the upside, the pair is facing resistance near the 0.6100 level.
The first major resistance is near 0.6120. There is also a major bearish trend line forming with resistance near 0.6140 on the same chart. A close above the 0.6740 resistance could push the pair toward 0.6200 or the 100 simple moving average (red, 4 hours). Any more gains could start a fresh increase toward the 0.6250 level.
Looking at EUR/USD, the pair is moving lower and there is a risk of more downsides below the 1.0900 level in the near term.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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