The New Zealand Dollar (NZD) is currently facing a critical juncture in the market, with analysts predicting a potential test of the 0.6115 level if it remains below 0.6185. Despite the possibility of a drop, a significant break below 0.6115 is not expected in the near future. The recent trading range has seen NZD fluctuate between 0.6129 and 0.6164, ultimately closing at 0.6150. While the movement has been relatively stable, the overall trend indicates a slight weakness, hinting at a potential descent to lower levels before any signs of recovery.
NZDCAD Analysis
On the 3-hour timeframe chart of NZDCAD, the price action reveals a bearish trend as price has formed two new lows, surpassing previous levels. The confirmation of this trend is evident with the crossing of the 50-period SMA below the 100-period SMA. An area of interest for entry is the highlighted supply zone, aligning perfectly with the 76% Fibonacci level and trendline resistance. Analysts are projecting a bearish direction with a target of 0.82350 and an invalidation point at 0.83890.
NZDUSD Analysis
NZDUSD has recently broken below the pivot zone on the daily timeframe and moved below the 100-period SMA on the 3-hour timeframe. This movement suggests a bearish direction, with a potential target at the highlighted demand zone around the 0.60100 region, or at least the 0.60500 price region. Analysts are anticipating a bearish trend with a target set at 0.60125 and an invalidation point at 0.61877.
The future of the New Zealand Dollar (NZD) is uncertain, with potential downward movement in both NZDCAD and NZDUSD pairs. Traders and investors should closely monitor the key levels mentioned and remain vigilant for any shifts in market sentiment. The overall outlook suggests a bearish trend, highlighting the importance of risk management strategies to navigate through the volatile market conditions.