NZDUSD rose today on weaker US data (weaker USD), low yields and risk sentiment from rising stocks. Technically, the price was able to move above a swing zone between 0.5933 and 0.59415 and the 38.2% retracement of the April 2024 trading range is 0.59396. These levels now constitute close support. If buyers want to gain and maintain control, they must stay above these levels.
On the upper side, the 50% of the April trading range stands at 0.5966. The 100-bar moving average on the 4-hour chart sits just below this level at 0.5962. These are the next key targets for further bullish momentum.
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