Daily Forex Analysis – NZD/USD
In today’s Daily Forex Analysis, we turn our focus to the NZD/USD pair. The recent fall through the 0.6365 support level indicates a renewed downside intraday bias. The decline, which started from 0.7158, aims to hit the 0.6197 mark based on the 100% projection from 0.7158 to 0.6459, originating from 0.6896. For a shift in sentiment, overcoming the 0.6522 resistance is necessary. Until then, any recovery remains susceptible to further downside risk.
From a broader Daily Analysis perspective, the current market dynamics suggest that the downward trend which started from 0.8008 in 2021 is still underway. A decisive breach below 0.6171 could potentially target the 0.6023 level, which is calculated as the 61.8% projection from 0.8008 to 0.6171, and originating from 0.7158. This scenario remains likely unless there’s a robust recovery that breaks through the 0.6896 resistance level.
Analysis Summary
Today’s NZD/USD Intraday Analysis underscores a renewed downside bias, with a target set at 0.6197. The overarching downtrend that began in 2021 remains active and a drop below 0.6171 could target 0.6023. Key resistance sits at 0.6522, which needs to be broken for a sentiment shift.
Key Points:
- NZD/USD targets 0.6197 in the ongoing decline
- A decisive break below 0.6171 could extend the fall to 0.6023
- Resistance at 0.6522 needs to be broken for a short-term trend reversal
