Daily chart swing level being tested

The NZDUSD has moved higher today on risk on sentiment. The rise in the pair has seen the price move above the 0.6600 level to a high at 0.66044.

Daily chart swing level being tested_

That move got close to the high of a swing area between 0.6584 and 0.6608. A move above that level would next target a downward sloping channel trendline at 0.66195. The low from last week tested the lower channel trendline and found dip buyers.

Drilling to the hourly chart below, the price today extended above the 50% retracement at 0.65691 and then above a swing area between 0.65705 and 0.65770 and a topside trend line at 0.65852 currently.

That break seem to have led to increasing momentum to the upside. The move also took the price above the 61.8% retracement of the move down from last week's high at 0.6588..

Close risk for buyers is now at the 0.65852 0.6588 area. Stay above keeps the buyers firmly in control.

Hourly chart of the NZDUSD