NZDUSD extends to the upside on the back of a lower dollar today

The NZDUSD has moved higher today on the back of weaker US data (lower USD), low yields, and risk-on sentiment from rising stocks. Technically, the price has been able to move above a swing area between 0.5933 and 0.59415 and the 38.2% retracement of the April 2024 trading range is 0.59396. Those levels are now close support. If the buyers are to take and keep control, they need to stay above those levels.

On the top side, the 50% of the April trading range comes in at 0.5966. The 100-bar moving average on the 4-hour chart is just below that level at 0.5962. Those are the next key targets on further upside momentum.

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