FX.co ★ NZD/USD

NZD/USD: Kiwi confidently recovers after prolonged decline Good evening, colleagues! Let’s analyze the NZD/USD pair on the H1 chart. After a long downtrend from 0.58616 to the local low at 0.56307, the pair has formed a solid reversal and is now trading around 0.56981. The price has successfully broken the moving average from below and consolidated above it. The MA has turned in favor of buyers and now acts as a reliable dynamic support, which confirms a shift of the short-term trend to bullish. The indicator picture is fully on the bulls’ side. MACD has settled in the positive zone, the histogram is actively building green bars, indicating a strengthening upward momentum. CCI is above the 100 level, pointing to strong buying interest. KST is confidently turning upward from the lower part of the chart, confirming the start of a new bullish move on this timeframe. The key resistance on the way of further growth is the 0.56929 zone, which the pair is testing right now. A breakout of this level will open the way to 0.57201 and then to 0.57701. In case of a correction, support should be looked for at 0.56622, and below that at 0.56538 and 0.56307. For tomorrow, I expect the growth to continue and a full test of the 0.57201 zone. If the price confidently consolidates above 0.56929, the target is 0.57201. The global trend on H1 is changing from bearish to bullish, so I view this move as the beginning of a new upward wave.