NZD/USD surges notably today in response to strong business confidence data in New Zealand. The solid break of medium term falling trend line strengthens that case that corrective pattern from 0.6537 has completed at 0.5849. Near term outlook will now stay bullish as long as 0.6127 support holds. Next target is 0.6368 resistance.
From a medium term point of view, break of 0.6368 resistance will further solidify the bullish case that rise from 0.5511 (2022 low) is resuming. Further break of 0.6537 resistance would pave the way to 100% projection of 0.5511 to 0.6537 from 0.5849 at 0.6875.
