The NZDUSD continued its move to the upside today by making a new high going back to February 14, 2022. The high price extended above the April high of 0.63765, reaching 0.63801. Looking at the daily chart, the price did stall ahead of the top of a swing area between 0.6363 and 0.63891 (see red numbered circles on the chart above). Getting above 0.63891 increase the bullish bias. It was not meant to be so far today.
Drilling to the hourly chart, the corrective low price yesterday reached down toward a old ceiling near the 0.6313 – 0.6315 area (see red numbered circles on the chart below). Getting below that area is still needed to increase /confirm the bearish bias. The rising 100 hour moving average at 0.63187 and rising trend line near the swing area, are also downside targets that would need to be broken to increase and confirm the bearish bias in the short term at least.
The price has been trending to the upside since bottoming at 0.61116 back on April 26. The price has moved up around 270 pips in 10 trading days.
