- NZD/USD bulls are looking for a breakout to the upside to test trendline liquidity.
- All eyes on the RBA meeting according to market correlations.
NZD/USD has been holding below key trend resistance for several years, but could be on the verge of a breakout to the upside. However, Kiwi The bird is controlled by global movements until something remarkable happens in the region. Until then, all eyes are on the Reserve Bank of Australia’s July 4 decision.
NZD/USD weekly and daily charts
Meanwhile, according to technical analysis, the bulls are looking for a way up from the daily support of the trend line according to the M-formation. A break of 0.6250s and the top of the right shoulder opens the risk of a significant move higher in line with the bullish bias of the weekly chart. The market is based on the 50% mean reversion of the bullish momentum of the weekly charts.