Technical Analysis: NZDUSD

NZDUSD rebounded steadily

On Tuesday, NZDUSD rebounded steadily. It broke above the 0.590 mark for some time. It ended up 0.22% at 0.5885.

New Zealand unemployment rate decreased in the first quarter

New Zealand Unemployment Rate (Quarter 1) fell from 5.4% to 5.3% Vs. 5.4% (forecast), according to the data from the Statistics New Zealand.

The USDX saw a sideways trend

On Tuesday, the USDX saw a sideways trend. It ended up 0.02% at 98.48.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, NZDUSD was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that NZDUSD will rise further. Investors should focus on whether NZDUSD will break through the resistance at 0.596. It will jump with potential resistance at 0.600 if it breaks above 0.596.

4-hour chart

On the 4-hour chart, NZDUSD was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether NZDUSD will break through the support at 0.590. It will climb if it retreats but is stable above 0.590.

Key resistance: 0.596,0.600

Key support: 0.590,0.586

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as NZDUSD retreats during the day.