CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money before trading CFDs.

Can NZD/USD Continue to Climb?

January 13, 2022

 

  • NZD/USD started a fresh climb after testing support near 0.6735.
  • Bearish trend line broken with resistance near 0.6790.

The New Zealand Dollar, US Dollar pair has remained steady above 0.6730. NZD/USD started a fresh increase, breaking above the 0.6750 and 0.6800 resistance levels.

NZD/USD 4-Hour Chart (Trend: BULLISH)

On the 4-hour chart, the pair gained momentum after breaking above the 0.6800 resistance level and both the 100-MA (red) and 200-MA (blue). There was also a break above a major bearish trend line with resistance near 0.6790. The pair even climbed above the 78.6% Fibonacci retracement level of the downward move from the swing high of 0.6837 to the swing low of 0.6733, and is currently testing resistance near the recent high of 0.6855.

For the pair to continue bullish, the quote will first need to break above resistance at 0.6855. The next major resistance is near the 0.6860 level. Beyond this there is further resistance near 0.6900, a level last seen on November 24th, 2021.

In contrast, if the pair turns bearish, the quote will first need to test support near 0.6790. The next major support is near the 0.6740 level. A break below this level could see momentum take the pair back down towards 0.6700.

Open an Account. Get started in less than 5 minutes