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Technical analysis on NZDUSD for April 4th, 2023.


Black line- resistance

Blue line -support trend line

Yellow rectangles- higher lows

NZDUSD is trading around 0.6271 after making a new higher high earlier today at 0.6304. NZDUSD is at a very important resistance zone. Price so far has been making higher lows but resistance around 0.6260-0.63 could not be broken despite several attempts. Another rejection at the black resistance trend line would imply that a pull back towards the blue support trend line is possible. As long as price does not break below the latest higher low, bulls remain in control of the short-term trend. Support is at 0.6220 and bulls do not want to see price fall below this level.

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