See also
03.05.2023 06:19 PMThe NZD/USD pair rallied in the short term and now is trading at 0.6237 at the time of writing. After its amazing growth, the price dropped a little but this was only temporary before jumping higher again.
The rate turned to the upside ahead of the FOMC, even though the ADP Non-Farm Employment Change came in at 296K versus 148K expected, while ISM Services PMI increased from 51.2 points to 51.9 points, beating the 51.8 points estimated. Later, the FOMC Statement and FOMC Press Conference should really shake the price.
As you can see on the H1 chart, the rate dropped a little to retest the 0.6224 broken resistance and now it seems determined to resume its growth. The price is struggling to stabilize above the median line (ml).
The bias remains bullish as long as the rate is trading above the median line (ml). The next upside target is represented by 0.6249.
Stabilizing above the median line (ml) and making a new higher high, a bullish closure above 0.6249 validates further growth and represents a new buying opportunity with a potential target at the R3 (0.6280). The bullish scenario could be invalidated by a new lower low.
Our new app for your convenient and fast verification
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
