The NZDUSD is stretching to new highs for the day and also new highs for the week (highest level since May 8). That move has taken the price above the 0.59664 from Wednesday, which also was near the high price going back to last week on May 14. Getting above that level is a bullish play and opens the door for further upside momentum for the NZDUSD..
With increased momentum, we could see the price ultimately reach the high prices from both April and May. Those levels came between 0.6018 and 0.6028 over time (see red numbered circles on the chart below). Getting above those levels would take the pair to the highest level since November 2024.
The moves to the upside, come after sellers had their shot over the last 8 or so days on breaks of the 200 bar MA on the 4-hour chart. However, each time the price tried to extend below the 200 bar moving average on the 4-hour chart, sellers turned back to buyers fairly quickly (see green numbered circles outlining the tests of that 200 bar moving average). That ultimately was the dominant play technically, that has moved the price higher this week.
The video above, outlines the key levels in play and explains why.
NZDUSD technicals
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