NZD/USD, H4 9 April 2024
The NZD/USD pair has rebounded strongly, retracing up to the 50% Fibonacci level after a recent pullback, and is currently testing its April high. Market attention is focused on the upcoming Reserve Bank of New Zealand (RBNZ) interest rate decision scheduled for tomorrow, with expectations for heightened volatility surrounding the event. Additionally, traders are closely monitoring the accompanying monetary policy statement, which is poised to play a crucial role in determining the pair's price action.
The pair is attempting to break above its previous high level; breaking above such a level suggests a solid bullish signal for the pair.
Resistance level: 0.6050, 0.6100📉
Support level: 0.5950, 0.5895📈
The NZD/USD pair has rebounded strongly, retracing up to the 50% Fibonacci level after a recent pullback, and is currently testing its April high. Market attention is focused on the upcoming Reserve Bank of New Zealand (RBNZ) interest rate decision scheduled for tomorrow, with expectations for heightened volatility surrounding the event. Additionally, traders are closely monitoring the accompanying monetary policy statement, which is poised to play a crucial role in determining the pair's price action.
The pair is attempting to break above its previous high level; breaking above such a level suggests a solid bullish signal for the pair.
Resistance level: 0.6050, 0.6100📉
Support level: 0.5950, 0.5895📈