The NZDUSD today stands at 2024 € 0.5753setting the price near the middle of key swing levels from November 2022 and the end of October 2023:
- 0.5739 (November 2022 low)
- 0.5772 (October 2023 low)
A break below this support area will strengthen the bearish bias, encouraging traders to explore lower levels. On the other hand, supports and moves back up 0.5772 that could signal the start of another corrective rally, similar to those seen from the November 2020 and October 2023 lows.
Key Levels and Technical Indicators
Upside down targets (for corrective movement):
- 0.5796: Moving low since November 26.
- 0.5800: Falling 100-hour moving average and psychological resistance level.
- 0.5814: Swing level above 0.5800.
- 0.5829: Falling 200-hourly moving average.
- 0.5862: 38.2% of November's decline. A break above this level would trigger a move forward and give sellers a reason to stop.
Downside Risk:
- Break down below 0.5739 confirmation of bearish continuation, increasing the likelihood of a deeper decline.
Summary
The immediate focus is on which the 0.5739-0.5772 support zone holding or breaking.
- Above 0.5800: Indicates a possible corrective rally, with upside targets aligned with key moving averages and resistance levels.
- Below 0.5739: Confirms a continued bearish trend, with lows in sight.
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