NZD/USD Poised for Breakout: Key Levels to Watch
Solid ECN—The NZD/USD currency pair retreated from 0.6099 and tested the immediate resistance at 0.6132 today. Indicators such as the RVI and MACD suggest that the bullish trend is likely to continue. Notably, the stochastic oscillator is moving out of the oversold zone.
From a technical perspective, for the uptrend to continue, buyers need to push the price above the 0.613 resistance. If this happens, the pullback will likely target the 0.617 resistance.
Conversely, if sellers keep the price below the immediate resistance, the decline that started on June 6 is expected to test the key support level at 0.6088. If the selling pressure breaks this level, the next support will be at 0.604.