NZDUSD rises sharply however runs into resistance on the excessive for the 12 months. What subsequent?

The NZDUSD – just like the AUDUSD – declined earlier within the week earlier than discovering a base and snapping again to the upside. Within the course of, the pair moved above some key technical ranges together with each the 200 and 100 day transferring averages and the 200 and 100 bar transferring averages on the 4-hour chart.

Later the 38.2% retracement of the transfer down from the December excessive was damaged at 0.61637. That stage shall be a threat defining stage in the present day and going ahead. Momentum continued to and thru the 50% of the identical transfer down at 0.62028 and as much as the swing excessive of 2024 from February 22 at 0.6217. Patrons turned to sellers in opposition to that 2024 excessive, and the worth has rotated to the draw back.

What subsequent?

On this video, I define the risk-defining ranges for patrons searching for extra upside momentum (or for sellers searching for extra confidence the highs in place).