The NZDUSD – like other currencies versus the US dollar – has seen USD buying/NZDUSD selling. THe prices low reached a new low going back to November 2020 at 0.5895. The low price today reached 0.5885.
At the session low, the price was attesting a lower trendline currently at 0.5881. Buyers stalled the fall. The price has since moved back higher and currently trades at 0.5906.
The inability to move below that trendline could lead to a bounce back to the upside off of the risk defining level. All the fundamentals might be lower with the dollar buying today, the technicals give short-term traders an opportunity to lean against a level in hopes of a rebound back to the upside. If momentum shifts around, the next key target off the daily chart on the topside would be near the 0.5985 level. That was the high price from earlier this week it also was near low prices from the end of May early June
This article was written by Greg Michalowski at www.forexlive.com. Source