Key Highlights
- NZD/USD rallied above the 0.6050 and 0.6120 resistance levels.
- A major bullish trend line is forming with support at 0.6120 on the 4-hour chart.
- Gold started a consolidation phase and might climb above $2,525.
- EUR/USD and GBP/USD remained supported and might eye more upsides.
NZD/USD Technical Analysis
The New Zealand Dollar started a strong increase above the 0.6000 level against the US Dollar. NZD/USD broke the 0.6100 barrier to move into a positive zone.
Looking at the 4-hour chart, the pair settled above the 0.6120 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). It even surpassed the 0.6200 level and tested 0.6235.
The pair is now consolidating gains below 0.6250. Immediate support is near the 0.6195 level or the 38.2% Fib retracement of the upward move from the 0.6127 swing low to the 0.6236 high.
The next key support sits near the 0.6180 level. The main support is now forming near 0.6120. There is also a major bullish trend line forming with support at 0.6120 on the same chart. A downside break below the 0.6120 level could set the pace for a larger decline.
The next major support is near the 0.6060 level or the 100 simple moving average (red, 4-hour). Any more losses might send the pair toward the 0.6000 support level.
On the upside, the pair could face resistance near the 0.6235 level. The first key resistance sits near the 0.6250 level. A clear move above the 0.6250 level could set the pace for a move toward the 0.6320 level.
Looking at EUR/USD, the pair rallied above the 1.1150 level and now seems to be consolidating gains for more upsides.
Economic Releases
- Eurogroup Meeting.
