NZD/USD Price Prediction: Breaks back above the range high
Source Fxstreet
- NZD/USD has broken back above its medium-term range high.
- If it can close above the September 3 high it could signal a bullish breakout.
NZD/USD has recovered after its recent pullback to the September 11 low. It has broken back above the range high at 0.6248 and is creeping higher. It will probably match the 0.6303 September 3 high, however, the trend is unclear and there is no clear bias in any direction.
NZD/USD Daily Chart
If the Kiwi can close above the September 3 high it will provide some bullish confirmation that a breakout of the sideways range has occurred. Such a move would then probably reach the next upside target at 0.6409, the December 2023 high. Another target is situated at 0.6448, the 0.618 ratio of the height of the range extrapolated higher.
The Moving Average Convergence Divergence (MACD) has closed above its red signal line which is a marginally bullish sign.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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