The NZD/USD pair continued its positive performance during today’s trading, supported by the weaker US dollar and improved risk appetite in global markets. The H1 chart showed a clear acceleration in the upward momentum, breaking through important technical resistance levels to reach a two-week high.
Current Price and Overview
- Current Price: 0.60166
- General Trend: Clearly Upward
- Next Resistance: 0.60850
- Nearest Support: 0.59582
Successive Breakouts of Resistance
Strong Upward Momentum Supported by Positive Technical Indicators
Continued Stability Above Moving Averages
NZD/USD Technical Analysis
General Trend:
The pair is moving within a strong ascending channel, having maintained a series of higher highs and lows, reflecting the current bullish market dominance.
Technical Indicators:
- MACD: In the positive zone with broadening momentum, supporting a continued upside move.
- Stochastic Oscillator: Approaching overbought areas (>85), indicating a potential short-term technical correction.
- Moving Averages: The price is moving above the 20, 50, and 200 moving averages, with strong bullish crossovers.
Technical Outlook for Today
Business Scenario:
If stability above 0.6000 continues, we may witness an upward move towards 0.6045 and then 0.6085, provided the positive momentum remains intact.
Alternative Scenario:
If strong overbought conditions appear, we may witness a slight pullback to test the support at 0.5958, which constitutes a buying opportunity if the price holds above it.
Trading strategies based on Buy/Sell levels
| NZDUSD | In case of buying | in case of selling |
| Entry point | 0.59234 | 0.58590 |
| Target Point 1 (TP1) | First resistance: 0.59552 | First support: 0.58330 |
| Target Point 2 (TP2) | Second resistance: 0.59900 | Second support: 0.58100 |
| Stop Loss (SL) | 0.58590 | 0.59234 |
The NZD/USD pair continues to post clear gains, supported by strong technical signals and positive breakouts of pivotal levels. The uptrend remains strong, and current pullbacks are opportunities to build new buying positions, provided the 0.5958 level remains unbroken.
