NZD/USD Price Analysis: The pair continues to hold above 0.67 and there is more resistance ahead
|- NZD/USD is trading 0.21% higher at 0.6714 on Tuesday.
- The pair has been one of the biggest beneficiaries of the USD weakness.
NZD/USD 1-hour chart
NZD/USD has been moving higher again since the trendline break marked out on the chart. At the moment the pair is making higher highs and higher lows and a test of the highs looks like a real possibility.
At the moment the price is holding above the 0.67 level and the next major resistance is marked in orange. The level is at 0.6741 and if the bulls can take out that zone then the high at 0.6790 could be next.
On the downside, the redline at 0.6687 is the next level to watch. If that breaks the point where the trendline was retested at 0.6641 looks firm. The indicators are looking mixed at the moment. The Relative Strength Index has just dipped below 50 and the MACD histogram is in the red. The only bullish sign is the fact that the signal lines are above the mid-level.
Tomorrow is the latest FOMC meeting and if the Fed are bearish then the trend could continue. Look out for a break of the orange resistance as confirmation if this is the case. On the downside, if the Fed sound a more hawkish tone the support zones on the chart will certainly be in focus.
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Additional levels
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