NZD/USD Price Prediction: Breaks back above the range high

NZD/USD has broken back above its medium-term range high.
If it can close above the September 3 high it could signal a bullish breakout.

Joaquin Monfort FXStreet

NZD/USD has recovered after its recent pullback to the September 11 low. It has broken back above the range high at 0.6248 and is creeping higher. It will probably match the 0.6303 September 3 high, however, the trend is unclear and there is no clear bias in any direction.

NZD/USD Daily Chart

If the Kiwi can close above the September 3 high it will provide some bullish confirmation that a breakout of the sideways range has occurred. Such a move would then probably reach the next upside target at 0.6409, the December 2023 high. Another target is situated at 0.6448, the 0.618 ratio of the height of the range extrapolated higher.

The Moving Average Convergence Divergence (MACD) has closed above its red signal line which is a marginally bullish sign.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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