FX.co - NZD/USD update for August 10, 2022 - Breakout of the trendline in the background

2022-08-10T10:59:58

Relevance until2022-08-11

Technical analysis:

NZD/USD update for August 10, 2022 - Breakout of the trendline in the background

NZD/USD has been trading upside in the background and there is the breakout of the supply trend-line and symmetrical triangle in the background.

Trading recommendation:

Due to the breakout of the both symmetrical triangle and supply trend-line, I see potential for fruther rally.

Watch for potential buying opportunities on the intraday dips with the upside objective at 0.6340.

MACD oscillator is showing fresh new upside momentum, which is good sign for further rally.

Key support is set at the price of 0.6266

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ NZD/USD update for August 10, 2022 - Breakout of the trendline in the background