At the time of publication, the NZD/USD pair is trading near the 0.5990 mark. Breakdown of today’s local low of 0.5976 will be a signal to open new short positions. In this case, NZD/USD will move further into the descending channel of the weekly chart, the lower edge of which is near 0.5670.
In an alternative scenario, the break of the resistance levels 0.6065, 0.6087 will become a signal for the resumption of an upward correction and long positions with the first target at the resistance level 0.6200 (for more details see https://www.instaforex.com/). en/forex_analysis/321681/?x=PKEZZ). Overall, bearish dynamics prevail in NZD/USD.
Today, volatility in the NZD/USD pair may increase again at 12:30 and 22:45 (GMT), which will be associated with the release of important macro statistics for the US and New Zealand (for more details, see the Main economic events of the week from 12/09/2022 to 18/09/2022).
Support levels: 0.5976, 0.5900, 0.5850, 0.5670
Resistance levels: 0.6065, 0.6087, 0.6170, 0.6200, 0.6390, 0.6480, 0.6560, 0.6745
*) see also -> “Technical analysis and commercial recommendations” -> telegram
**) signal -> Insta79
