NZDUSD continues the rebound started on Monday and extends above an old ceiling.What next?

The NZDUSD bottomed on Monday within pips of the low from 2022. Since then, the price has been steadily rising. Today, the price moved above what was an old ceiling area between 0.56837 and 0.56917. That area will now be close support for traders. Staying above could lead to another run to the upside with the swing highs from January and 0.5704 and 0.5722 the next targets. Get above those levels, and the door opens for further upside momentum.

Conversely if the break fails, I would expect the rotation back down toward 0.5669 and then potentially the 200 hour moving average and 0.5647. Yesterday the price moved up to that moving average and consolidated around into the close and early Asian session before taking a another run to the upside.

Buyers in control. Can they keep the firm control and make a run at the 2025 highs (and beyond)?

This article was written by Greg Michalowski at www.forexlive.com.