FX.co ★ NZD/USD 0.6234 upside obstacle

NZD/USD reversal

As you can see on the H1 chart, the rate jumped above the downtrend line, signaling that the downtrend is over and that the price could jump higher again. It has retested the broken downtrend line, confirming the breakout.

Now, it has reached the 0.6234 former high which represents an upside obstacle. In the short term, it's trapped between 0.6234 and 0.6160 (downside obstacle) levels.

NZD/USD trading conclusion

Jumping and stabilizing above 0.6234 confirms a larger growth. This scenario could represent a new buying opportunity.