The NZDUSD is extending to new session highs and highs for the week.What subsequent technically? | Forexlive

The NZDUSD is stretching to new highs for the day and in addition new highs for the week (highest degree since May 8). That transfer has taken the value above the 0.59664 from Wednesday, which additionally was close to the excessive worth going again to final week on May 14. Getting above that degree is a bullish play and opens the door for additional upside momentum for the NZDUSD..

With elevated momentum, we may see the value finally attain the excessive costs from each April and May. Those ranges got here between 0.6018 and 0.6028 over time (see pink numbered circles on the chart beneath). Getting above these ranges would take the pair to the very best degree since November 2024.

The strikes to the upside, come after sellers had their shot during the last 8 or so days on breaks of the 200 bar MA on the 4-hour chart. However, every time the value tried to increase beneath the 200 bar transferring common on the 4-hour chart, sellers turned again to patrons pretty rapidly (see inexperienced numbered circles outlining the exams of that 200 bar transferring common). That finally was the dominant play technically, that has moved the value increased this week.

The video above, outlines the important thing ranges in play and explains why.