NZDUSD Technical Analysis / Forex Technical Analysis

NZDUSD Technical Analysis – 27-September-2024

FxNews—The New Zealand dollar is in an uptrend against the U.S. dollar, trading above the 50- and 100-period simple moving averages. As of this writing, the NZD/USD pair trades at approximately $0.63, testing the September 29 high.

The 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.

The currency pair returned above the Supertrend indicator yesterday’s trading session and started a minor consolidation phase today.

The ascending trendline, which coincides with the $0.625 support, the September 26 low, is the primary support for the current bull market.

NZD/USD Forecast

From a technical perspective, if the NZD/USD price holds above the $0.625 support, the uptrend will likely resume. If this scenario unfolds, the bull’s initial target could be the September 25 high at $0.636.

Furthermore, if the buying pressure results in the price exceeding $0.636, the next bullish target could be the July 14 high at $0.641.

Also read: AUD/USD Technical Analysis – 26-September-2024

NZD/USD Bearish Scenario

NZDUSD Technical Analysis – 27-September-2024

If the bears (sellers) push the NZD/USD price below $0.625, the consolidation phase that began at $0.636 can potentially spread to $0.620, a supply zone neighboring the 100-period simple moving average.

Furthermore, if the decline drives the market price below $0.620, the next support level will be $0.617, followed by the September 11 low.

Please note that the bull market should be invalidated if the NZD/USD price falls below the 100-period SMA.

NZDUSD Support and Resistance Levels

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

Support: $0.63 / $0.625 / $0.62 / $0.610
Resistance: $0.636 / $0.641