At the time of publication of this article, 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 head deeper into the descending channel on the weekly chart, the lower border of which is close to 0.5670.
In an alternative scenario, the breakout of 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 resistance level 0.6200 (for more details see https://www.instaforex.com/en/forex_analysis/321681/?x=PKEZZ). In general, the downward dynamics of NZD/USD prevails.
Today, the volatility in the NZD/USD pair may increase again at 12:30 and 22:45 (GMT), which will be associated with the publication of important macro statistics for the US and New Zealand (for more details, see the Major economic events of the week 09/12/2022 – 09/18/2022).
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 trading recommendations” -> Telegram
**) signal -> Insta79
