NZDUSD a giant mover at this time, however off the lows. What subsequent?

The NZD/USD pair is experiencing a major decline at this time, down -1.26%, making it one of many largest movers available in the market. The pair opened with a niche decrease, breaking beneath the January low of zero.55398 earlier than extending its drop to zero.55153, just some pips away from the 2022 low of zero.5510—a stage that marked the bottom level since 2009. Nonetheless, consumers stepped in at this key assist stage, triggering a rebound that pushed the worth again right into a swing space between zero.5581 and zero.55918, with an intraday excessive of zero.55846 earlier than the pair rotated again downward.

From a technical standpoint, the 38.2% retracement of the January decline at zero.55939 stays a key resistance stage. So long as the worth stays beneath zero.55812 – zero.55939, sellers will retain management. On the draw back, the following vital targets embrace the January low at zero.55398, adopted by at this time’s session low of zero.55153, and finally, the 2022 low at zero.5510.

A decisive break above zero.55945 (38.2% retracement) may shift the momentum, resulting in additional upside exploration. In that case, the following key stage to observe could be the 50% retracement of the January decline at zero.5619, signaling a stronger bullish restoration. Till then, the broader bias stays bearish, with sellers seeking to preserve management beneath key resistance ranges.

This text was written by Emma Wang at www.ubaidahsan.com.



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