NZDUSD is breaking above 0.6600 today.
It’s a key horizontal level I’ve discussed in the last couple of weekly forex forecasts.
Today’s strength comes on the back of the NZDUSD closing last week above a critical multi-year level.
Notice how NZDUSD closed above this level two weeks ago.
You can also see how buyers defended that 0.6530 support area last week.
All of this is occurring after I wrote about the bullish scenario here on July 1st.
Since that post, NZDUSD is up 180 pips.
Now that buyers have secured a daily closing above 0.6600, that area should start to serve as new support.
But that doesn’t mean we will see a retest of 0.6600 before the next push higher.
However, if we do, it could present a favorable opportunity to get long.
As for key resistance on the way up, keep an eye on 0.6720/40.
That’s the area I’ve mentioned several times recently.
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