FX.co ★ NZD/USD: 0.6355 as major obstacle

NZD/USD Strong Growth!

The NZD/USD pair came back higher after failing to reach the 0.6200 psychological level. Now, it is trading at 0.6339 at the time of writing. After its strong growth, we cannot exclude a minor retreat, the price could come back down. Technically, 0.6355 represents an upside obstacle. You can see on the H1 chart that the NZD/USD pair dropped after reaching this level in the past.

After jumping above the downtrend line, the pair was expected to develop an upside reversal.

NZD/USD Trading Conclusion!

Jumping and stabilizing above 0.6355 could announce further growth and brings new buying opportunities.

Testing and retesting this upside obstacle and staying below it could announce a new downside movement.