Technical analysis on NZDUSD for April 5th, 2023.

Black line- neckline resistance

Blue line- support trend line

Yellow rectangles- higher lows

NZDUSD has broken above the key neckline resistance of 0.63. Price remains in a bullish trend making higher lows but now is also making a higher high. After the breakout and new higher high, price pulled back to back test the break out. Previous resistance is now support. Bulls do not want to see price break below the neckline. This would suggest a fake break out. Support at the blue trend line is also very important. Price made a high at 0.6375 after the break out. Recapturing 0.6375 would be a sign of strength.

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