The NZD/USD pair is currently trading near its long-term range highs, indicating a potential bullish trend continuation. Despite some recent weakness, the overall trend remains in favor of the bulls, suggesting a possible extension to higher levels.
After a brief reversal from the top of its consolidation range, NZD/USD is showing signs of potential downside movement. However, the bullish trend on the daily chart remains intact, with prices staying above the August rally trendline.
Key Levels and Targets for NZD/USD
The next upside target for NZD/USD is at 0.6409, the December 2023 high. A break above 0.6302 would further confirm the bullish bias, with another target at 0.6448 based on the range extrapolation. On the downside, a close below the trendline at 0.6160 could signal a reversal lower, with targets at 0.6070 and 0.5850s.
The Moving Average Convergence Divergence (MACD) indicator has not yet crossed below its signal line, suggesting the potential for further upside. However, a bearish crossover would require additional confirmation to indicate a trend change.
Analysis:
The NZD/USD pair is currently in a bullish trend, with potential for further upside towards key resistance levels. Traders should monitor the price action around the trendline and key support levels to gauge the strength of the uptrend. A break below key support could signal a trend reversal, while a continuation of the bullish momentum could lead to new highs. It is important for traders to use risk management strategies and stay informed about market developments to make informed trading decisions.