FxWirePro: NZD/USD breaks above 200-dma, surges to 3-month high, next bull target at 0.66
Source: FxWire Pro - Technicals / 03 Jun 2020 02:07:22 America/New_York
NZD/USD chart - Trading View
NZD/USD is extending gains for the 3rd straight session, bias strongly bullish.
The pair has shown a sustained breakout at 200-DMA, confirming further near-term appreciation.
GMMA Indicator shows strong upside potential in the near-term, while major trend is also turning bullish.
Price action is above Ichimoku cloud and rising Chikou Span suggests upside continuation.
Oscillators are in overbought territory and warrant some caution. That said, there are no signs of reversal and pullbacks are also likely to be shallow.
Bollinger Bands widening on the daily charts indicating rising volatility and MACD and ADX support upside.
Major Support Levels: 0.6361 (55W EMA), 0.6311 (200-DMA), 0.6296 (5-DMA)
Major Resistance Levels: 0.6480 (78.6% Fib), 0.6542 (110W EMA), 0.6608 (88.6% Fib)
Summary: NZD/USD trades with a strong bullish bias. Breakout at 200-DMA along with support from other indicators cements further gains. Next bull target lies at 0.6480 (78.6% Fib) ahead of 0.6542 (110W EMA) and then 0.6608 (88.6% Fib).
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