Technical Analysis: NZDUSD

NZDUSD rose to a three-month high

Last Friday, NZDUSD climbed for the third trading day. At one point, it reached 0.5994, the highest level since 2nd March.

The USDX hit a two-week low

Last Friday, the USDX was prone to fluctuation and fell, hitting a two-week low. It ended down 0.13% at 98.60.

The expectation that RBNZ will increase the interest rate rose

On the 27th May, the RBNZ(Reserve Bank of New Zealand) decided to keep the OCR(official cash rate) unchanged at 2.25%, meeting market expectations. The RBNZ will increase the interest rate earlier and higher than expected in response to the inflation, the RBNZ governor said.

The bullish market trend prevailed

the chart of the day

On the chart of the day, NZDUSD continued climbing. The bullish market prevailed in the short term. Technically speaking, KDJ went upwards after golden cross occurred, showing that NZDUSD will rise further. Investors should focus on whether NZDUSD will break the resistance at 0.601. It will climb with the resistance at 0.605 if it breaks above 0.601.

4-hour chart

On the 4-hour chart, NZDUSD was prone to fluctuation and climbed. The bullish market trend prevailed. 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 0.595. It will rise if it retreats but is stable above 0.595.

Key resistance: 0.601,0.605

key support: 0.595,0.591

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