NZDUSD buying opportunity | 25 Nov 2022
On the H1 timeframe, prices are on an uptrend which surpassed the resistance turned support zone at 0.61800. Price has thus approached the 0.62780 resistance where a break to the upside could see prices push higher. Given the slower than expected rate hikes of the Fed which has weighed down the Dollar, coupled with the historic rate hike of 75 bps by the RBZ recently, we expect the current bullish trend to extend to the next resistance zone at 0.64500. Stochastic RSI has dipped into the oversold region as well, supporting our bullish bias.
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