NZD/USD is located at 0.7213 level and is almost to take out a new upside obstacle. The pair is strongly bullish as the USD is punished by the USDX’s decline. Technically, the price has ended its corrective phase, and now it looks to trade higher.
The price action signaled that NZD/USD may resume its upwards movement. Tomorrow, New Zealand will publish the CPI which is expected to increase by 0.8% versus 0.5% in the previous reporting period.
The greenback will resume its depreciation if the US data will disappoint during the week. USDX dropped below critical support levels, so USD is vulnerable to drop deeper.
NZD/USD Towards New Highs!
NZD/USD reached the weekly R1 (0.7213) after passing above the 50% retracement level. The valid breakout above the ascending pitchfork’s median line (ML) signaled more gains.
Closing and stabilizing above the R1 could indicate a further growth towards the R2 (0.7285) and up to the upper median line (UML). From the technical point of view, we cannot exclude a minor decline from the R1 if the USDX will rebound after the amazing sell-off.
A bullish closure above the 0.7218 high on the H4 chart is seen as an upside signal. Stabilizing above the R1 could announce a bullish movement towards R2 (0.7285).
The material has been provided by InstaForex Company – www.instaforex.com
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