NZD/USD Could Extend Losses

NZD/USD is gaining bearish momentum below the 0.6030 support zone. 

Important Takeaways for NZD/USD Analysis Today 

· NZD/USD declined heavily from the 0.6120 resistance zone. 

· There was a break below a major rising channel with support near 0.6060 on the hourly chart of NZD/USD at FXOpen. 

NZD/USD Technical Analysis 

On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.6120 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6080 against the US Dollar. 

There was a break below a major rising channel with support near 0.6060 and the 50-hour simple moving average. Finally, the bulls appeared near the 0.6000 zone. A low is formed near 0.6002 and the pair is still showing a few bearish signs. 

Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6117 swing high to the 0.6002 low at 0.6030. 

If there is a move above 0.6030, the pair could rise toward the 50-hour simple moving average at 0.6060. It is close to the 50% Fib retracement level of the downward move from the 0.6117 swing high to the 0.6002 low. 

Any more gains might open the doors for a move toward the 0.6120 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.6000 level. The first major support is near the 0.5965 zone. If there is a downside break below 0.5965, the pair could extend its decline toward the 0.5920 level. The next key support is near 0.5850.  #OPINIONLEADER#