FX.co ★ Technical analysis on NZDUSD for March 1st, 2023.

Red lines- wedge pattern

Black line- bullish RSI divergence

Violet lines- Fibonacci retracements

Aswe warned traders at the beginning of this week, NZDUSD was very probable to produce a bounce higher. Price had formed a downward sloping wedge pattern and the RSI was already providing bullish divergence signs. NZDUSD has retraced as low as the 38% retracement level and formed a low at that Fibonacci support. Price bounced off the lower wedge pattern boundary and then broke above the upper boundary. Short-term resistance was broken and price has now bounced towards 0.6250.