NZD/USD: quotations of commodity currencies fell sharply

 
 
 
 
 
 
 
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Today, quotations of commodity currencies fell sharply against the backdrop of growing tensions in the situation around Taiwan. At the time of writing this article, NZD/USD was traded near 0.6296, above important near-term support levels 0.6266 (EMA200 on the 1-hour chart), 0.6260 (EMA200 on the 4-hour chart).

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If the upward correction continues and after the breakdown of the local resistance level 0.6352 (yesterday's high), NZD/USD will head towards the key resistance levels 0.6505 (EMA144 on the daily chart), 0.6585 (EMA200 on the daily chart).

Below these levels, NZD/USD remains in the bear market zone. Only a breakdown of the key resistance level 0.6780 (EMA200 on the weekly chart) will bring the pair back into the zone of a long-term bull market.

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In an alternative scenario, a breakdown of the support levels 0.6266, 0.6260 will be the first signal for the resumption of short positions, and a breakdown of the local support level 0.6200 - a confirming one.

Support levels: 0.6266, 0.6260, 0.6200, 0.6105, 0.6100, 0.6065, 0.6000, 0.5910, 0.5850, 0.5800, 0.5700, 0.5670

Resistance levels: 0.6300, 0.6352, 0.6400, 0.6505, 0.6585, 0.6745, 0.6780

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Trading recommendations

Sell Stop 0.6255. Stop Loss 0.6315. Take-Profit 0.6200, 0.6105, 0.6100, 0.6065, 0.6000, 0.5910, 0.5850, 0.5800, 0.5700, 0.5670

Buy Stop 0.6315. Stop Loss 0.6255. Take-Profit 0.6352, 0.6400, 0.6505, 0.6585, 0.6745, 0.6780