Key Highlights
- NZD/USD started a fresh decline below the 0.6000 support zone.
- A key bearish trend line is forming with resistance at 0.6000 on the 4-hour chart.
- EUR/USD extended losses below the 1.1650 and 1.1620 levels.
- Ethereum price surged further above the $3,080 resistance zone.
NZD/USD Technical Analysis
The New Zealand Dollar started a fresh decline from 0.6120 against the US Dollar. NZD/USD dipped below the 0.6050 and 0.6020 support levels.
Looking at the 4-hour chart, the pair traded below the 50% Fib retracement level of the upward move from the 0.5883 swing low to the 0.6120 high. There is also a key bearish trend line forming with resistance at 0.6000.
The pair now trades below 0.6000, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). On the downside, immediate support is near the 0.5940 level. It is close to the 76.4% Fib retracement level of the upward move from the 0.5883 swing low to the 0.6120 high.
The next key support sits near 0.5900. Any more losses could send the pair toward the 0.5880 support zone. On the upside, the pair could face resistance near the 0.6000 level and the trend line.
The next key resistance sits near the 0.6030 level and the 100 simple moving average (red, 4-hour). A close above the 0.6030 level could set the pace for another increase. In the stated case, the pair could even clear the 0.6050 resistance. The next major stop for the bulls could be near the 0.6120 resistance.
Looking at EUR/USD, the pair started a fresh decline, and the bulls failed to protect the 1.1650 support zone.
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