NZD/USD is trading in the 0.6020s after having risen for the fourth day in a row, on Monday.
NZD/USD has reached a key resistance level which it needs to break above to extend. Failure to break above the level would probably lead to continuation of the descending channel. The MACD has formed a bullish price pattern which adds weight to the upside view. The pair is encountering significant resistance from the 50-day Simple Moving Average and a major trendline.
However, there are no signs yet on the chart that indicates the start of a new down-leg. Given the strength of the move up since the April 19 lows and the strong accompanying bullish momentum reflected in the Moving Average Convergence Divergence there is a chance a breakout from the channel could follow on. Further, the MACD has formed a bullish double bottom pattern during April which is a sign of a change in trend in the underlying price as well as the MACD.
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