NZDUSD Peeps Above Resistance Zone

NZDUSD has recently shown renewed bullish momentum after struggling to sustain gains beyond the key resistance level of 0.6030. Following a rejection at this level, the pair retreated to test support at 0.5850, where buyers stepped in to defend the downside. The subsequent rebound has pushed price action briefly above the 0.6030 barrier, suggesting potential for further upside if the breakout holds.

Demand Levels: 0.5850, 0.5610, 0.5510

Supply Levels: 0.6030, 0.6130, 0.6340

NZDUSD formed a double top pattern at the resistance level of 0.6030, reflecting exhausted momentum after an impulsive move. The strong upside shift transformed the market from consolidation to an uptrend. At the formation of the double top, the price was overbought, which triggered a pullback to the 0.5850 support level. 

.

A change of character (ChoCh) occurred at the support, resulting in upward momentum resumption. The price also tested the Moving Averages, which provided additional support.

 The price has peeped above the resistance level of 0.6030. A bullish trendline supported the formation of higher highs and lows, allowing the price to reach the resistance level. The Stochastic indicator revealed oversold conditions as the price breached the resistance on both the daily and 4-hour timeframes. Currently, the price is undergoing a retracement on the lower timeframe but is expected to push toward the next resistance level at 0.6130 after the pullback. Traders monitoring the best forex signals Telegram channels may look for optimal long entries on this setup.

.