TECHNICAL ANALYSIS

NZDUSD moves to test the top swing zone


Daily chart swing level test

The NZDUSD rose today on sentiment risk. The rise of the pair saw the price move above the 0.6600 level to a high at 0.66044.

Daily chart swing level test_

This move has approached the high of a swing zone between 0.6584 and 0.6608. A move above that level would then target a descending sloping channel trendline to 0.66195. Last week’s low tested the lower channel trendline and found buyers of lows.

Exploring the hourly chart below, the price today extended above the 50% retracement at 0.65691, then above a tipping area between 0.65705 and 0.65770 and of an uptrend line at 0.65852 currently.

This break seems to have led to a growing upward momentum. The move also took the price above the 61.8% retracement of the downward move from last week’s high of 0.6588.

The proximity risk for buyers is now in the 0.65852 0.6588 area. Stay on top keeps buyers firmly in control.

NZDUSD hourly chart
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