The NZD/USD pair is trading in an uptrend as bulls continue to dominate the trend for a while. The NZD is currently trading at $0.6223, reflecting the positive momentum supported by the bulls. From the chart, it appears that the price is moving steadily above the moving averages’ crossovers, which reinforces the confidence in the uptrend. The MACD indicator also indicates the continuation of the buying power, which indicates the possibility of the uptrend continuing in the coming period.
Next Support Level?
The next support level for the NZD/USD pair is estimated at $0.6200, which is a key support level to watch. If this level is broken, we may see a limited downside correction.
Indicators Expectations:
Moving Averages: The short- and medium-term moving averages are showing positive signs, as the pair is trading above these levels. This supports the continuation of the bullish movement in the near term.
MACD Indicator: The MACD indicator indicates strong buying momentum, which confirms the strength of the bulls in the market and reinforces expectations of the continuation of the uptrend in the coming period.
Trading strategies based on Buy/Sell levels
| NZDUSD | In case of buying | in case of selling |
| Entry point | 0.6237 | 0.6206 |
| Target Point 1 (TP1) | First resistance: 0.6267 | First support: 0.6176 |
| Target Point 2 (TP2) | Second resistance: 0.6297 | Second support: 0.6146 |
| Stop Loss (SL) | 0.6206 | 0.6237 |
The NZD/USD pair is expected to continue the upward trend with continued buying control. Waiting for the US interest rate news today. However, the support level at 0.6200 should be monitored in case of any downside corrections.
