NZD/USD Breaks Above Medium-Term Range High
- NZD/USD has broken back above its medium-term range high.
- If it can close above the September 3 high, it could signal a bullish breakout.
The NZD/USD pair has shown resilience after a recent pullback to the September 11 low. Breaking above the range high at 0.6248, it is steadily climbing higher. While it is likely to reach the September 3 high of 0.6303, the overall trend remains uncertain with no clear bias in any direction.
NZD/USD Daily Chart
A close above the September 3 high would confirm a bullish breakout from the sideways range. This move could potentially target 0.6409, the December 2023 high, and 0.6448, the 0.618 ratio extrapolated from the range height.
The Moving Average Convergence Divergence (MACD) indicator has crossed above its red signal line, indicating a marginally bullish signal.
Analysis and Implications for Investors
The NZD/USD pair’s breakout above its medium-term range high suggests potential bullish momentum in the near future. Here are some key takeaways for investors:
1. Bullish Breakout Signal
- A close above the September 3 high would confirm a bullish breakout.
- This could lead to further upside potential towards the December 2023 high at 0.6409.
2. Target Levels
- Short-term target at 0.6409, followed by 0.6448 based on the range extrapolation.
3. Technical Indicator Analysis
- The MACD indicator’s bullish crossover provides additional support for a potential uptrend.
Overall, investors should monitor the NZD/USD pair closely, especially its ability to sustain above key resistance levels, for further confirmation of a bullish breakout and potential opportunities for profitable trades.