The NZD/USD pair is trading at 0.5823 at the time of writing and it seems determined to hit new highs as the Dollar Index is bearish. Still, an upside continuation needs confirmation as the rate challenges a strong resistance.
Today, the NZD was helped by the Australian Retail Sales data. Later, the New Zealand Building Consents could have only a small impact. Tomorrow, New Zealand is to release the Employment Change and Unemployment Rate. The indicators are expected to report poor data compared to the previous reporting period.
On the other hand, the US CB Consumer Confidence and Employment Cost Index represent high-impact events as well. Poor data should weaken the greenback.
NZD/USD Trading In The Green!
From the technical point of view, the price challenges the broken upper median line (UML). Failing to reach and retest the median line (ML) in the last attempts announced exhausted sellers.
Now, it's trapped between 0.5844 and 0.5820 levels. Personally, I've drawn an uptrend line which stands as a dynamic support. As long as it stays above it, the price could extend its leg higher.
NZD/USD Forecast!
Staying above the broken upper median line (UML) and making a bullish closure above 0.5844 activates further growth and is seen as a buying signal.
