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NZDUSD Trading Within the Mid-term Uptrend
12/27/2022 2:12 PMThe NZD/USD pair continues to move within the mid-term uptrend, however, over the past two weeks, the price has attempted a downward correction, and as a result, the quotes fell to the area of 0.6215 (Fibo retracement 38.2%, the lower line of the Bollinger Bands).
The quotes have been attempting to resume growth for the last two trading sessions, but for this they will have to break above the reversal level of 0.6347 (Murray level [2/8]), supported by the middle line of the Bollinger Bands. In this case, the targets will be 0.6510 (near the December highs, the upper line of the Bollinger Bands), 0.6620 (Fibo retracement 61.8%). The key level for the "bears" is still 0.6215, if the price consolidates below it, the decline can resume to the area of 0.6100 (Murray level [1/8]), 0.5960 (Fibo retracement 23.6%), 0.5860 (Murray level [0/8]).
The upward trend in the market persists, which is confirmed by the upward reversal of the Bollinger Bands and the exit of the Stochastic from the oversold zone, and the MACD histogram decreases in the positive zone, which does not exclude a corrective decline, but its potential is seen to be limited.
Resistance levels: 0.6347, 0.6510, 0.6620. | Support levels: 0.6215, 0.6100, 0.5960, 0.5860.