FX.co ★ Technical analysis on NZDUSD for week ending March 24th, 2023.

Black line- neckline resistance

Red line- support trend line

NZDUSD made another attempt this past week to break above the neckline resistance of 0.6265-0.6275. This was the second attempt and traders witnessed another failure and rejection. Price is now challenging the upward sloping red support trend line coming from recent lows. Support is key for the near term at 0.6185-0.6165. We find the red trend line support and the recent higher low in that area. Monday could start with a bounce off the support trend line or a break below support. Traders need to be cautious.