Key Highlights
- NZD/USD gained pace after it broke the 0.6320 resistance zone.
- A connecting bullish trend line is forming with support near 0.6300 on the 4-hours chart.
- EUR/USD spiked higher above the 1.0280 resistance zone.
- AUD/USD surged above the 0.7050 resistance zone.
NZD/USD Technical Analysis
The New Zealand Dollar formed a base above the 0.6250 level against the US Dollar. NZD/USD remained in a positive zone and climbed above the 0.6300 resistance.
Looking at the 4-hours chart, the pair was able to clear the 0.6350 resistance. There was also a close above the 0.6350 level, 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
The pair even spiked above 0.6400 and traded as high as 0.6434. It is now correcting gains and trading near the 0.6385 level. On the downside, the first major support is near the 0.6380 level.
The main support is now forming near the 0.6320 level. Besides, there is a connecting bullish trend line forming with support near 0.6300 on the same chart. A downside break below the 0.6300 support might spark more losses.
The next major support is near 0.6230 and the 200 simple moving average (green, 4-hours). Any more losses might send the pair towards the 0.6200 zone.
On the upside, the pair is facing resistance near the 0.6420 level. The next major resistance is near the 0.6440 level, above which the pair could accelerate higher. In the stated case, the pair could rise towards the 0.6500 resistance zone in the near term.
Looking at EUR/USD, the pair broke the 1.0280 resistance and seems like there could be more upsides in the coming sessions.
Economic Releases
- US Initial Jobless Claims – Forecast 263K, versus 260K previous.
