NZDUSD rises up to test its 2024 high price with the dollar selling trend.

The NZDUSD is following the US dollar lower and in the process has moved up to test the 2024 high price which was reached on the first day of the trading year (January 2, 2024).

That high price was at 0.63248. The high price today has reached 0.6325 – a fraction of a PIP above the previous high.

Move above that level and traders will look toward the December 2023 high price which extended up to 0.63684. That high price was reached on December 28, 2023.

If you are one for symmetry. If the high today is not broken, and becomes the high for the year, it would match the double bottom which was reached on April 19 and August 6 (lows at 0.5851 and 0.5849 respectively). I am doubtful that that dynamic has ever occurred.

Yesterday, the price action moved higher and above a swing area between 0.6266 and 0.62728 (see red numbered circles on the hourly chart below and post from yesterday HERE). The price traded above and below that area in the Asian and early European session today before breaking higher and extending higher in the late European morning/early US trading period. Remember that swing area going forward. Closer support comes in at 0.6298 – the high price the end of August.

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