NZDUSD might move to 0.66500!!
Will NZDUSD able to break the resistance at 0.64800 and continue to go up and move to 0.66500 for the coming weeks.?As we have seen a strong NFP was not enough for USD to be strong last Friday. Most of the investors are still waiting to see the impact of coronavirus on the global economy and also are panicked by the fear on the market. A strong NFP was not sufficient enough to buy USD rather than traders are more willing to sell USD.
If we see the technical part on NZDUSD, we have noticed pair was able to close above the key resistance at 0.63250. If we look at the weekly chart we can see pair strongly bounce back from the trade line support at 0.61800 and also closed above the psychological resistance at 0.63000. If this pair able to hold the support area 0.62800, we can see NZDUSD might push go higher and possibly we can go for long to target 0.66500 for the coming weeks.
On the other hand, a daily close below 0.62800 will trigger some selling pressure and we might see pair is re-testing the trade line support at 0.61800. Right now we are still bullish on NZDUSD.
This trading analysis is only for getting an idea about the current market situation. This is not a signal. These can be used for education purposes only.