FX.co ★ NZD/USD: upside reversal signaled

NZD/USD: Strong Buyers!

The NZD/USD pair registered a strong growth after finding strong demand at the 0.5574 level. Now, it is trading at 0.5729 at the time of writing and it seems determined to approach and reach new highs after passing above the 0.5708 former high and above the downtrend line which represented upside obstacles.

Passing above these levels signaled that the downtrend could be over and that the price could develop a new swing higher.

NZD/USD Trading Conclusion!

Breaking above 0.5708 and through the downtrend line indicates a potential upside reversal in the short term. Stabilizing above these broken obstacles could bring new buying opportunities.