NZD/USD Analysis 11/12: Higher Values Tested (Chart)

(MENAFN- Daily Forex) The NZD/USD is near the 0.58000 level as of this writing, this as the currency pair remains within the higher elements of its mid-term price range in the aftermath of the U.S Federal Reserve's interest rate policy mandates yesterday.

The NZD/USD continues to show signs of some buying appetite as it hovers near the important psychological level of 0.58000 as of this writing. In the wake of the U.S interest rate cut yesterday that was widely anticipated in the broad Forex market, the NZD/USD climbed to a high within the vicinity of 0.58250 momentarily.

While the Fed met expectations and financial institutions which believed in a weaker USD centric attitude in recent Forex were rewarded, the NZD/USD did see a slight reversal lower after yesterday's apex. However, the NZD/USD has managed to remain within the upper tier of its mid-term price range as it shows a legitimate amount of fight around the 0.58000. It is this level which will be a clear barometer for day traders today and tomorrow Outlook and Holiday Forthcoming

The broad financial markets have today and tomorrow in which they will certainly react to the Fed's FOMC policy decision. Yet, having anticipated the rate cut, now analysts will think about what the Fed might do mid-term. Chairman Jerome Powell insisted the Fed will stay cautious about its policy approach, but it should be pointed out he is leaving his job in May of 2026. Meaning different opinions may start to grow louder regarding Federal Reserve policy in the coming months.

The NZD/USD has shown an ability to incrementally increase in value since the last week in November. While this movement can be said to correlate with broad Forex conditions, there also appears to be bit of velocity on the side of NZD/USD buyers who may believe the currency pair had been oversold in previous months. Day traders will have full volumes to trade in the NZD/USD until the end of next week, then holiday volumes will begin to make Forex even more challenging.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Resistance and Desire to Push Higher

The recent gains made in the NZD/USD, particularly yesterday's push upwards, seems to signal buyers are ready to respond.

• Yesterday's gains were certainly met with some selling, but the ability to withstand the reversal lower and remain in a battle over the 0.58000 mark shows that sentiment may be able to prove durable in the short and near-term.
• Day traders should practice strict risk management as always, but looking for some slight upside for speculative wagers may feel attractive.
• Looking for new highs however may be too far a stretch for betting on the NZD/USD, instead some quick hitting profit taking using solid targets may be an easier way to gamble. Being too ambitious can prove costly.

EURUSD Chart by TradingViewNZD/USD Short Term Outlook:

Current Resistance: 0.58025

Current Support: 0.57980

High Target: 0.58150

Low Target: 0.57960

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