NZD/USD appears to have reversed course following the failed attempt to test the May 2020 low (0.5921), with a close above the 0.6230 (61.8% retracement) to 0.6260 (38.2% expansion) region raising the scope for a run at the 50-Day SMA (0.6314).
Next area of interest comes in around 0.6350 (100% expansion), but NZD/USD may mirror the price action from last month if it fails to push above the moving average.
In turn, the advance from the yearly low (0.6061) may turn out to be a correction in the broader trend, and failure to close above the 0.6230 (61.8% retracement) to 0.6260 (38.2% expansion) region may push NZD/USD back towards 0.6170 (50% expansion), with the next area of interest coming in around 0.6070 (61.8% expansion) 0.6070 (61.8% expansion).
Next area of interest comes in around 0.6350 (100% expansion), but NZD/USD may mirror the price action from last month if it fails to push above the moving average.
In turn, the advance from the yearly low (0.6061) may turn out to be a correction in the broader trend, and failure to close above the 0.6230 (61.8% retracement) to 0.6260 (38.2% expansion) region may push NZD/USD back towards 0.6170 (50% expansion), with the next area of interest coming in around 0.6070 (61.8% expansion) 0.6070 (61.8% expansion).
