The NZD/USD pair has recently rallied above key resistance levels of 0.6050 and 0.6120, indicating a strong bullish trend. This surge has propelled the pair into a positive zone, with the potential for further gains in the near future.
A major bullish trend line is currently forming with support at 0.6120 on the 4-hour chart. This support level has played a crucial role in maintaining the upward momentum of the pair. Additionally, the pair has settled above the 0.6120 level, the 100 simple moving average, and the 200 simple moving average, further supporting its bullish outlook.
Meanwhile, gold has started a consolidation phase and might climb above $2,525. This upward movement in the precious metal could have a positive impact on the NZD/USD pair, as gold prices often have a strong correlation with the value of the New Zealand Dollar.
In contrast to NZD/USD, EUR/USD and GBP/USD have also remained supported and might eye more upsides. The EUR/USD pair has rallied above the 1.1150 level and is currently consolidating gains for potential further upside movements. This positive sentiment in the European currency pairs could spill over to the NZD/USD pair as well.
On the 4-hour chart, NZD/USD is currently consolidating gains below the 0.6250 level after testing 0.6235. Immediate support is near the 0.6195 level, followed by the 0.6180 level. The main support level is forming near 0.6120, with a major bullish trend line providing additional support at that level. However, a downside break below 0.6120 could signal a larger decline, with the next major support at 0.6060.
On the upside, the pair could face resistance near the 0.6235 level, with further resistance at 0.6250. A clear move above 0.6250 could pave the way for a move toward the 0.6320 level. Overall, the technical analysis of the NZD/USD pair suggests a bullish outlook, supported by key resistance levels and strong support at 0.6120.
The NZD/USD pair is currently on a bullish trajectory, fueled by a rally above key resistance levels and strong technical support. The influence of gold prices and positive sentiment in other major currency pairs could further boost the pair’s upward momentum in the coming days. It will be crucial to monitor key support and resistance levels to gauge the future direction of the NZD/USD pair.