The NZDUSD pair has demonstrated a notable but slowing bullish trajectory since its explosive breakout in April. The initial surge saw prices rally impulsively before encountering strong resistance at the 0.60180 level, prompting a significant retracement. After finding solid footing at the 0.5850 support zone, the pair resumed its upward movement, though the advance has lacked the conviction and velocity of the initial reversal phase.
The current bullish cycle emerged from an extended consolidation period marked by a deceptive ascending channel formation. Early signs of reversal became evident when the RSI dipped into oversold territory near the 0.5550 demand zone, coinciding with a bullish crossover of the 30- and 50-period Moving Averages. This technical confluence triggered the initial explosive move that carried prices approximately 470 pips to the 0.6020 resistance.
However, the subsequent formation of a double-top pattern at this resistance level revealed waning bullish momentum. While the pair has maintained its broader upward trajectory, the recent price action suggests buyers are struggling to maintain control, with candles showing reduced range and conviction.
NZDUSD Short-Term Trend: Bullish
The 4-hour chart provides clearer technical signals, with a prominent Fair Value Gap offering measurable retracement parameters. A well-defined bullish trendline supports the pair’s gradual ascent toward the 0.6220 objective.
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NZDUSD Short-Term Trend: Bullish 
