The New Zealand Dollar (NZD) has shown signs that it could test the 0.6115 level, with UOB analysts suggesting that it may stay below 0.6185 in the near term. However, there is a lack of expectation for a significant break below this level at this point. If NZD does drop below 0.6115, there is a possibility of it moving towards 0.6085 in the longer term. Despite trading between 0.6129 and 0.6164 today, ending at 0.6150, the overall trend remains slightly weak, indicating a potential test of lower levels before any signs of recovery.
Analysis of NZDCAD on the H3 Timeframe
Looking at the price action on the 3-hour timeframe chart of NZDCAD, it is evident that the price has recently established two new lows, forming a bearish trend after wiping out the previous lows. This trend is further confirmed by the crossing of the 50-period SMA below the 100-period SMA. The highlighted supply zone is of particular interest for a potential entry, as it aligns well with the 76% of the Fibonacci level and the trendline resistance. Analysts anticipate a bearish direction for NZDCAD, with a target of 0.82350 and an invalidation point at 0.83890.
Insights on NZDUSD in the H3 Timeframe
The NZDUSD pair has recently broken below the pivot zone on the daily timeframe, crossing below the 100-period SMA on the 3-hour timeframe. This signals a bearish sentiment, leading to the expectation that the price will head towards the highlighted demand zone around the 0.60100 region, or at least to the 0.60500 price level. Analysts are predicting a bearish direction for NZDUSD, with a target of 0.60125 and an invalidation point at 0.61877.
The New Zealand Dollar is facing potential challenges in the market, with indications pointing towards a bearish trend in both the NZDCAD and NZDUSD pairs. Traders and investors need to carefully monitor the price movements and key levels in order to make informed decisions in this volatile market environment.
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