Alex Bobrov
⬤ NZD/USD ran into trouble after bumping into the long-term 61.8 percent Fibonacci retracement level near 0.5913. The pair pushed higher during Asian hours but couldn't hold those gains, getting knocked back down as sellers stepped in. That 0.5913 mark is turning into a pretty important line in the sand right now, with the Kiwi pulling back after testing it.
⬤ Looking at the bigger picture, NZD/USD climbed steadily from around 0.57 in early January, building momentum through the month before hitting this resistance zone. Once it touched that 61.8 percent retracement near 0.5913, things changed. Price briefly poked above the level but reversed quickly, showing that sellers aren't ready to let it run higher just yet.
⬤ Here's where it gets interesting: traders are eyeing 0.5890 as the next spot where buyers might show up. That zone lines up with short-term support and moving averages, making it a natural place for dip buyers to get involved. The pair's still making higher lows, which suggests this is more of a pause than a full reversal.
⬤ Why does this matter? NZD/USD tends to move with broader risk appetite and macro flows, so watching how it handles these levels gives you clues about market sentiment. The rejection at 0.5913 shows there's a tug-of-war happening between positive fundamentals and technical resistance. Whether the pair holds 0.5890 or breaks back above 0.5913 could set the tone for commodity currencies in the coming sessions.
Alex Bobrov
