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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.
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