The NZDUSD is following the US dollar lower and in the process has moved up to test the 2024 high price which was reached on the first day of the trading year (January 2, 2024).
That high price was at 0.63248. The high price today has reached 0.6325 – a fraction of a PIP above the previous high.
Move above that level and traders will look toward the December 2023 high price which extended up to 0.63684. That high price was reached on December 28, 2023.
If you are one for symmetry. If the high today is not broken, and becomes the high for the year, it would match the double bottom which was reached on April 19 and August 6 (lows at 0.5851 and 0.5849 respectively). I am doubtful that that dynamic has ever occurred.
