FX.co ★ NZD/USD outlook for January 30, 2023

NZD/USD is trading in the medium-term bull market zone, above the key support levels 0.6340 (50 EMA on the weekly chart), 0.6285 (200 EMA on the daily chart), 0.6260 (38.2% Fibonacci level in the recent slide from 0.7465 in February 2012 to 0.5512, reached in October 2022).

After reaching a local multi-month low of 0.5512 in mid-October, NZD/USD is developing an upward correction towards the key resistance levels 0.6600, 0.6630 (200 EMA on the weekly chart), separating the long-term bull market from the bear market.

Alternatively, the first signal for the resumption of short positions will be a breakdown of the important short-term support level 0.6464 (200 EMA on the 1-hour chart) and the local support level 0.6448, and the confirming one will be a breakdown of the support level 0.6372 (200 EMA on the 4-hour chart).

A breakdown of the 0.6285, 0.6260 support levels will return NZD/USD to the global bear market zone.

Support levels: 0.6462, 0.6448, 0.6400, 0.6372, 0.6340, 0.6325, 0.6300, 0.6285, 0.6260, 0.6246

Resistance levels: 0.6500, 0.6515, 0.6565, 0.6600, 0.6630

Trading scenarios

Sell Stop 0.6440. Stop-Loss 0.6515. Take-Profit 0.6400, 0.6372, 0.6340, 0.6325, 0.6300, 0.6285, 0.6260, 0.6246, 0.6190

Buy Stop 0.6515. Stop-Loss 0.6440. Take-Profit 0.6565, 0.6600, 0.6630, 0.6720