- NZD/USD bulls are at the forefront of the micro uptrend.
- NZD/USD bulls are advancing and pointing to a run towards 0.6180.
The pair NZD/USD has rallied at the start of the week on the back of a weaker US dollar. The pair is up 0.45% and has rallied from a low of 0.6125 to a high of 0.6166.
The bulls have accumulated the market to the downside near 0.6120 and the price has subsequently broken through the previous channel highs at 0.6161 as illustrated below:
Zooming in, we can see that price has moved past a previous support group, but has run into a brick wall just above at the next layer of old support at 0.6160. A pullback towards trend line support is a possibility where buying interest could arise again somewhere within the Fibonacci scale, at and around trend line support.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
