Key Highlights
- NZD/USD started a fresh decline below the 0.5750 level.
- It traded below a short-term rising channel with support at 0.5610 on the 4-hour chart.
- EUR/USD is again under pressure and might revisit the 1.0225 level.
- Bitcoin is showing bearish signs below the $98,500 resistance level.
NZD/USD Technical Analysis
The New Zealand Dollar started a major decline from well above 0.5800 against the US Dollar. NZD/USD gained bearish momentum below 0.5750 and 0.5700.
Looking at the 4-hour chart, the pair settled below the 0.5660 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair even declined below the 0.5620 support zone.
Recently, it traded below a short-term rising channel with support at 0.5610. It opened the doors for more downsides. On the downside, immediate support sits near the 0.5580 level.
The next key support sits near the 0.5550 level. Any more losses could send the pair toward the 0.5520 level. On the upside, the pair is facing hurdles near the 0.5630 level. The first major resistance is near the 0.5650 level.
The next major resistance is near the 0.5665 level. A close above the 0.5665 level could set the tone for another increase. In the stated case, the pair could rise toward the 0.5720 resistance.
Looking at EUR/USD, the pair is now under pressure, and the bears seem to be aiming for a drop below the 1.0225 level.
Upcoming Economic Events:
- Fed’s Schmid speech.
- Fed’s Bowman speech.
