NZD/USD is trading in the green at 0.7012 at the moment of writing. It has decreased a little today but the bulls are still strong as the DXY is bearish. The pair could register sharp movements during the week as the US is to release high-impact data.
Technically, the price action has signaled that the downside movement is over and that NZD/USD could develop a new swing higher. The US Factory Orders could bring life on this pair later today. Worse than expected figures could lift NZD/USD.
NZD/USD Technical Analysis!
NZD/USD has retested the 50% Fibonacci line and now it tries to resume its growth. As you can see on the H4 chart, the pair has retested the broken downtrend line trying to confirm the upside breakout.
Stabilizing above 0.7 psychological level and making a new higher high could signal further growth. The R1 (0.7026) is seen as static resistance, but I really believe that closing above 0.7009 could bring an upside breakout through R1 as well.
Conclusion!
Closing and stabilizing above 0.7009 may signal further growth ahead. The 50% retracement level is seen as a potential upside target.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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