NZDUSD: broke above the resistance level

The Reserve Bank of New Zealand (RBNZ) keep the interest rate unchanged and the Kiwi flying high. It’s also happening to the NZDUSD as the price on this pair has broken above a resistance level on the daily chart. As the chart shows below, we can see that price broken through the major resistance level that already been tested twice on mid-April and early-May. This old resistance level now acts as the new support level.

This level will be crucial as the price often making  a pullback lower then re-test the level again and making another new high. The uptrend is still “in charge” as price already making a “high – lower high – higher high” formation just like the daily chart shows below.

I will start hunting for a long opportunity if the price could pullback lower and re-test the new daily support level.

NZDUSD daily chart


NZDUSD 4-hour chart


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