NZD/USD Outlook for May 23, 2023
May 23, 2023 1:25 pmVideo
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Macro data from the United States will be published at 13:45 (GMT) and 14:00, which could turn out to be weak and negative for USD, thereby potentially triggering an increase in NZD/USD.
Currently, the pair is trading near the level of 0.6253 and a strong support level of 0.6258 (daily EMA and 38.2% Fibonacci level in the pair’s downward wave from 0.7465 in February 2021 to 0.5510 reached in October 2022).
In case of further decline and a breakthrough of support levels at 0.6245 (200 EMA on the 4H chart), 0.6240 (144 EMA, 50 EMA on the daily chart), NZD/USD will move towards the lower boundary of the downward channel on the weekly chart, currently passing below the 0.5975 support level (23.6% Fibonacci level). However, along the path towards this mark, the pair will encounter a zone of strong support at levels 0.6110, 0.6100, 0.6090.
In an alternative scenario, NZD/USD will resume its growth. Targets include the upper boundaries of the ranges at 0.6310, 0.6390. A signal to implement this scenario would be a breakthrough of the short-term resistance level at 0.6262 (200 EMA, 144 EMA on the 1H chart). More distant targets include key resistance levels at 0.6488 (144 EMA on the weekly chart and 50% Fibonacci level), 0.6575 (200 EMA on the weekly chart).
Support levels: 0.6245, 0.6240, 0.6200, 0.6185, 0.6110, 0.6100, 0.6090, 0.6000, 0.5975, 0.5900
Resistance levels: 0.6258, 0.6262, 0.6270, 0.6285, 0.6290, 0.6310, 0.6390, 0.6488, 0.6500, 0.6575, 0.6600
The material has been provided by InstaForex Company – www.instaforex.com
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