NZD/USD Price Analysis: Bulls rake charge towards RBNZ highs, eye a break of 0.5800 – by fx_ross NZDUSD Technical Analysis
A move above 0.5800 will open risk to the price imbalance between 0.5820 and 0.5835 on the way to 0.5850. crash-landed mid-week, tumbling out of the blue skies made on the back of the Reserve Bank of New Zealand's hawkish hike of 50bps. However. the US dollar has found its feet again and the DXY index was last seen dipping below 111.00 but it had been as high as 111.735 on Wednesday.
The yield is resisted but the M-formation is bullish. This in turn could put a floor in the downside for the greenback and weigh on the bird going forward:The price of the index is extending the downside in Asia which may give rise to a bullish continuation on the kiwi:highs on Thursday and a move above 0.5800 will open risk to the price imbalance between 0.5820 and 0.5835 on the way to 0.5850.
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