NZDUSD Shifted Above 0.563: Market Forecast

NZDUSD shifted above 0.563, trading mildly bullish above the 23.6% Fibonacci level. A close above the immediate resistance at $0.568 can trigger the uptrend, targeting $0.575.

NZDUSD Technical Analysis – 7-January-2025

FxNews—The New Zealand dollar has been in a bear market against the American currency, but it flipped above the 50-period SMA in yesterday’s trading session. However, the buying pressure eased at $0.568, a resistance area backed by the %50 Fibonacci level.

As of this writing, the currency pair trades at approximately $0.566, stabilizing above the 50-period simple moving average.

Regarding the technical indicators:

• The RSI 14 depicts 61 in the description and rising, meaning the bull market strengthens.
• The Stochastic Oscillator shows 67 and is declining, indicating that the bear market is gaining momentum.
• The Awesome Oscillator histogram is green, above zero, interpreted as the bull market should prevail.

Overall, the technical indicators suggest that while the primary trend is bearish below the %50.0 Fibonacci resistance level, NZD/USD has the potential to erase more of its recent losses before the downtrend resumes.

NZDUSD Shifted Above 0.563: What is Next?

The immediate support is at the 23.6% Fibonacci level, the $0.563 mark. From a technical perspective, if bears push the price below $0.563, the downtrend could target the January 2 low at $0.558. Furthermore, if the selling pressure persists, the bears’ path to $0.550 could be paved.

Please note that the bearish scenario should be invalidated if NZD/USD exceeds $0.568.

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The Bullish Scenario

The immediate resistance is at $0.568, backed by the %50.0 Fibonacci level. From a technical standpoint, the uptrend from $0.558 could resume if the value of NZD/USD exceeds $0.568.

In this scenario, the next bullish target could be $0.575.

NZDUSD Support and Resistance Levels – 7-January-2025

Traders and investors should closely monitor the below NZD/USD key levels to make informed decisions and adjust their strategies accordingly as market conditions shift.