NzdUsd is extremely bullish above 0.6050

Recently, I highlighted a potential reversal for NZD/USD on a few occasions. This anticipation was based on two primary factors: firstly, the occurrence of a false break, and secondly, the emergence of a notably large bullish engulfing pattern in mid-November.

As predicted, the pair successfully surpassed the 0.60 figure and the horizontal level at 0.6050, achieving a local high of 0.6221.
While the early part of the week is marked by a normal correction, there are indications that this correction may have concluded, paving the way for a potential continuation to the upside towards 0.64 next important level of resistance.

As the title suggests, NZD/USD is currently exhibiting strong bullish momentum above the 0.6050 support level.
The bullish sentiment prevails as long as this support is intact on a daily close basis.

In line with this analysis, my strategy for this pair is to capitalize on buying opportunities during market dips.

Kommentera:

The pair held very well above support.
Today's NFP could bring a new high above 0.62 mark