In recent trading sessions, NZD/USD has surged beyond key resistance levels, hitting highs above 0.6120. This surge has been accompanied by a major bullish trend line forming with support at 0.6120 on the 4-hour chart. At the same time, Gold has entered a consolidation phase and could potentially climb above $2,525. Meanwhile, EUR/USD and GBP/USD have shown strong support and are likely to continue their upward trajectory.
The New Zealand Dollar has displayed a robust upward movement against the US Dollar, breaching the 0.6100 barrier and settling above the 0.6120 level. On the 4-hour chart, NZD/USD has surpassed both the 100 simple moving average and the 200 simple moving average. While the pair is currently consolidating gains below 0.6250, immediate support can be found near 0.6195, followed by the 0.6180 level. The main support level now stands at 0.6120, with a major bullish trend line providing additional support. A break below 0.6120 could trigger a more significant decline, with the 0.6060 level acting as the next crucial support zone. Conversely, a move above 0.6250 could pave the way for a rally towards 0.6320.
EUR/USD has managed to surpass the 1.1150 level and is now consolidating gains, poised for further upside potential. The upcoming Eurogroup Meeting could influence the pair’s future movements. Similarly, GBP/USD remains well-supported and could see additional gains in the near term.
The recent surge in NZD/USD, coupled with the potential for gains in Gold, EUR/USD, and GBP/USD, indicates a dynamic environment in the currency markets. Traders and investors should closely monitor key support and resistance levels to capitalize on the prevailing trends. Additionally, external factors such as economic releases and geopolitical events could impact the direction of these currency pairs. Overall, the outlook appears positive for NZD/USD and other major currencies, offering opportunities for profit in the coming days.
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