NZD/USD risks further downside as Kiwi tests critical support at 0.6050
The post NZD/USD risks further downside as Kiwi tests critical support at 0.6050 appeared on BitcoinEthereumNews.com. NZD/USD consolidates within a symmetrical triangle on the 4-hour chart, reflecting short-term indecision. A rising wedge pattern on the daily chart signals a potential bearish breakout below 0.6038. Kiwi tests critical psychological support at 0.6050. The New Zealand Dollar (NZD) is weakening against the US Dollar (USD) on Friday as market participants weigh near-term resistance against a weakening bullish structure. At the time of writing, NZD/USD is trading around 0.6050, pulling back from the 0.6120 resistance level after failing to maintain recent highs. The NZD/USD 4-hour chart displays a symmetrical triangle pattern formed by a series of lower highs and higher lows, with price action converging into a tightening range. This pattern typically indicates market indecision, with neither bulls nor bears in full control, and often precedes a breakout. In this case, the triangle is forming just below the 78.6% Fibonacci retracement level of the June low to July high move. This level aligns with the 0.6070 psychological resistance. Dynamic support rests at the 100-period SMA of 0.6038. NZD/USD 4-hour chart On the daily chart, NZD/USD continues to trade within a rising wedge formation, characterized by converging upward-sloping trendlines. This pattern typically signals a potential bearish reversal, especially when formed near key resistance zones. NZD/USD daily chart The Relative Strength Index (RSI) is currently at 54, indicating mild bullish momentum but without conviction. This aligns with the 4-hour chart, where a symmetrical triangle is forming just beneath the same resistance zone, suggesting near-term consolidation within a broader, potentially weakening uptrend. A downside break below wedge support on the daily chart, particularly beneath the 61.8% Fibonacci retracement level of the September-April decline near 0.6038, would add weight to bearish risks. In contrast, a breakout above the July high of 0.6120 could invalidate the pattern and signal a continuation toward 0.6379 (the…
The post NZD/USD risks further downside as Kiwi tests critical support at 0.6050 appeared on BitcoinEthereumNews.com.
NZD/USD consolidates within a symmetrical triangle on the 4-hour chart, reflecting short-term indecision. A rising wedge pattern on the daily chart signals a potential bearish breakout below 0.6038. Kiwi tests critical psychological support at 0.6050. The New Zealand Dollar (NZD) is weakening against the US Dollar (USD) on Friday as market participants weigh near-term resistance against a weakening bullish structure. At the time of writing, NZD/USD is trading around 0.6050, pulling back from the 0.6120 resistance level after failing to maintain recent highs. The NZD/USD 4-hour chart displays a symmetrical triangle pattern formed by a series of lower highs and higher lows, with price action converging into a tightening range. This pattern typically indicates market indecision, with neither bulls nor bears in full control, and often precedes a breakout. In this case, the triangle is forming just below the 78.6% Fibonacci retracement level of the June low to July high move. This level aligns with the 0.6070 psychological resistance. Dynamic support rests at the 100-period SMA of 0.6038. NZD/USD 4-hour chart On the daily chart, NZD/USD continues to trade within a rising wedge formation, characterized by converging upward-sloping trendlines. This pattern typically signals a potential bearish reversal, especially when formed near key resistance zones. NZD/USD daily chart The Relative Strength Index (RSI) is currently at 54, indicating mild bullish momentum but without conviction. This aligns with the 4-hour chart, where a symmetrical triangle is forming just beneath the same resistance zone, suggesting near-term consolidation within a broader, potentially weakening uptrend. A downside break below wedge support on the daily chart, particularly beneath the 61.8% Fibonacci retracement level of the September-April decline near 0.6038, would add weight to bearish risks. In contrast, a breakout above the July high of 0.6120 could invalidate the pattern and signal a continuation toward 0.6379 (the…
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