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31.03.2023 06:58 PM
NZD/USD standing below strong upside obstacle

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NZD/USD Imminent Breakout!

The NZD/USD pair is located at 0.6263 at the time of writing. As you can see on the H1 chart, it stands below 0.6273 - 0.6291 supply zone (upside obstacle). The rate turned to the downside after reaching this zone, that's why this is seen as an upside obstacle (resistance).

After jumping above the downtrend line, the NZD/USD pair signaled that the downside movement ended and that the buyers could take it higher. The uptrend line represents a downside obstacle. As long as it stays above it, the price could jump higher.

NZD/USD Trading Conclusion!

Jumping above 0.6291 today's high validates further growth. This offers a buying opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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