NZD/USD Price Analysis: 0.67 is still the elusive level for the bulls
|- NZD/USD is trading 0.12% higher on Wednesday.
- The Fed rate announcement and companying press conference pushed the pair higher.
NZD/USD 4-hour chart
NZD/USD has been on an uptrend recently but the move had stalled over the last couple of sessions. The pair has had a new burst of positivity after the Fed meeting where there was some mild USD weakness after some choppiness.
Looking closer at the chart and more recently the move lower did not manage to touch the red trendline. The key resistance level on the upside is the 0.67 zone. If the level breaks then the bull trend looks set to continue. If the trendline breaks on the downside the next major support is holding at 0.6580. There will need to be some more buying pressure for the pair to hold above the consolidation low of 0.6614.
The indicators are looking mixed. The MACD histogram is red but the signal lines are above the mid-level which is bullish. The Relative Strength Index is above the 50 level which is bullish but there is a trendline that could be broken to indicate more bullishness is on the horizon.
Overall, the trend is still decent but at the moment the pair is in a consolidation phase a break above the aforementioned 0.67 area would be a strong confirmation that the uptrend is set to continue.
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Additional levels
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