NZDUSD Technical Analysis: Bullish Trend Prevailed After Golden Cross; Key Resistance at 0.575

NZDUSD rose to a one-month high

On Wednesday, NZDUSD climbed for the 5^th straight trading day, and broke above the 0.570 mark, reaching a one-month high.

New Zealand CPI was lower than expected in the third quarter

New Zealand CPI, y/y (Quarter 3) fell from 4.1% to 3.7% Vs. 3.8% (forecast), and New Zealand CPI, q/q (Quarter 3) decreased from 1.5% to 0.7% Vs. 0.8% (forecast), according to the data from the Statistics New Zealand.

The USDX saw sideways

On Wednesday, the USDX saw sideways. It was generally flat during the day. It ended at 101.7.

The bullish market trend prevailed

the Chart of the Day

On the chart of the day, NZDUSD rose steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that NZDUSD will jump further. Investors should focus on whether NZDUSD will break through the resistance at 0.575. It will rise with potential resistance at 0.580 if it breaks above 0.575.

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, KDJ 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 0.567. It will rise if it retreats but is stable above 0.567.

Key resistance: 0.575,0.580

Key support: 0.567,0.564

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