FX.co ★ NZD/USD: 0.5859 upside obstacle

NZD/USD Upside Reversal!

The NZD/USD pair is located at 0.5849 at the time of writing. As you can see on the H1 chart, the rate dropped within a down channel. Its failure to reach and retest the downside line signaled exhausted sellers.

Now, it has passed above the downtrend line indicating that the downtrend could be over and that the buyers could take full control. The former high of 0.5859 represents an upside obstacle.

NZD/USD Trading Conclusion!

Jumping and staying above 0.5859 confirms further growth and is seen as a potential buying opportunity.