Recently, the NZD/USD pair managed to break through key resistance levels at 0.6050 and 0.6120, signaling a bullish trend. This surge was supported by a major bullish trend line forming with a strong support level at 0.6120. The pair also successfully surpassed the 0.6200 mark and even tested 0.6235, showcasing its strength in the market. However, the pair is currently in a consolidation phase below 0.6250, with immediate support at 0.6195 and the next key support at 0.6180. The main support level stands at 0.6120, and a break below this level could lead to further downside movement.
Gold’s Consolidation Phase
On the other hand, Gold has started a consolidation phase and is poised to climb above $2,525. This indicates a potential uptrend in the precious metal as it takes a breather from its recent gains. The price action of Gold will be crucial to watch in the coming days as it navigates through key resistance levels.
EUR/USD and GBP/USD Trends
EUR/USD and GBP/USD have continued to remain supported, with both pairs eyeing more upside potential. EUR/USD recently rallied above the 1.1150 level and is currently consolidating its gains for a potential move higher. Economic releases like the Eurogroup Meeting will be closely watched for any impact on the performance of these currency pairs.
The technical analysis of NZD/USD and Gold show promising signs for potential price movements in the near future. Traders and investors should closely monitor key support and resistance levels to make informed decisions. Additionally, keeping an eye on economic events and market sentiment will be crucial in understanding the broader market dynamics affecting these assets.