NZDUSD Technical Analysis Summary
In a recent analysis by Greg Michalowski, the NZDUSD currency pair has shown significant bullish momentum, breaking above key technical levels. The price has surged past the 100-hour moving average (MA) at 0.5966, indicating a shift in market sentiment towards buyers.
Key Technical Levels
- Current Price Action: The NZDUSD rebounded after a brief dip below the 38.2% retracement level of the 2026 trading range at 0.5945, hitting a low of 0.5943 before bouncing back.
- 100-Hour MA: The price has successfully moved above the 100-hour MA at 0.5966, which is crucial for establishing support and maintaining a bullish outlook.
- Next Resistance Levels: The next target for buyers is the psychological level of 0.6000, which aligns closely with the 200-hour MA at 0.5998. The previous day's high was 0.6002, marking this area as a significant resistance cluster.
Market Sentiment
The overall market sentiment has been positive, supported by a rise in U.S. equities. The S&P 500 has increased by 0.74%, the NASDAQ has shown modest gains, and the Russell 2000 has led with a 1.26% increase. This risk-on environment tends to favor higher-beta currencies, such as the New Zealand dollar.
Conclusion
The analysis suggests a short-term bullish bias for the NZDUSD as long as it remains above the 100-hour MA at 0.5966. If buyers can maintain control above this level, it could lead to further upside momentum, particularly if the price breaks above the 0.6000 resistance level.
Support and Resistance Levels
- Support: 0.5966 (100-hour MA), then 0.5945.
- Resistance: 0.5998–0.6002 (200-hour MA / prior high).