Recently, I highlighted a potential reversal for NZD/USD on a few occasions. This anticipation was based on two primary factors: firstly, the occurrence of a false break, and secondly, the emergence of a notably large bullish engulfing pattern in mid-November.
As predicted, the pair successfully surpassed the 0.60 figure and the horizontal level at 0.6050, achieving a local high of 0.6221. While the early part of the week is marked by a normal correction, there are indications that this correction may have concluded, paving the way for a potential continuation to the upside towards 0.64 next important level of resistance.
As the title suggests, NZD/USD is currently exhibiting strong bullish momentum above the 0.6050 support level. The bullish sentiment prevails as long as this support is intact on a daily close basis.
In line with this analysis, my strategy for this pair is to capitalize on buying opportunities during market dips.
Comment
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The pair held very well above support. Today's NFP could bring a new high above 0.62 mark