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NZDUSD, Technical Analysis

5/2/2022 2:07 PM

Current trend

NZD/USD is correcting downwards to the July 2020 lows, under pressure from the rapidly strengthening US dollar ahead of the US Federal Reserve meeting this week, and is trading near 0.6427.

On the daily chart, the price continues to actively decline as part of another wave inside the global downward channel, and after overcoming the level of the initial trend of 61.8% of Fibonacci extension at 0.6620, it is ready to break through the next support.

On a four-hour timeframe, the quotes of the trading instrument approached the level of the basic trend of 100.0% of the Fibonacci extension at 0.6357, which also coincides with the support line of the global downward channel. Technical indicators confirm the high probability of breaking this level as well, strengthening their sell signal: the range of EMA fluctuations on the Alligator indicator expands in the direction of decline, and the histogram of the AO oscillator is forming new descending bars, being deep in the sales zone.

Support and resistance

Support levels: 0.6357, 0.5950.

Resistance levels: 0.6620, 0.6976.


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