NZD/USD Price Analysis: Advances towards 0.6200 after breaking out of consolidation
NZD/USD is struggling to gain traction above 0.6180, but the upside appears to be favored. The forecast for US Durable Goods Orders is an increase of 0.8% versus a decrease of 1.0%. Following a challenge of the breakout region of the consolidation, the NZD/USD pair is presently in a markup phase.

During the Asian session, the NZD/USD pair shifted its activity above 0.6150, resulting in a sharp increase. Against the backdrop of a decline in the US Dollar Index (DXY), the Kiwi asset has assumed a bullish bias. After a consecutive 25 basis point (bp) rate hike in May, the Federal Reserve (Fed) is expected to announce a halt in the rate-hiking rampage, bringing the USD Index to near 101.20.
The USD Index is anticipated to remain active ahead of Wednesday's publication of United States Durable Goods Orders data. For March, it is anticipated that Durable Goods Orders will increase by 0.8% versus a contraction of 1.0%. Positive economic indicators will signal a rebound in forward demand.
The New Zealand Dollar will be highly volatile following Wednesday's dissemination of Trade Balance data.
NZD/USD is in a markup phase after testing the breakout region of the hourly consolidation formed between 0.6125 and 0.6156. At 0.6158, the 20-period Exponential Moving Average (EMA) provides support for the bullish New Zealand Dollar.
The Relative Strength Index (14) is oscillating within the bullish range of 60.00-80.00, indicating an active uptrend.
Should the asset undergo a healthy correction to the vicinity of the 10-exponential moving average at 0.6165, an attractive buying opportunity will present itself, propelling the Kiwi asset toward the round-level resistance at 0.6200. A breach of the latter threshold will enable the Kiwi to register a new weekly high above the 0.6227 high from April 19.
Alternately, a breach of the April 20 low of 0.6148 would send the asset toward the April 24 low of 0.6125 and then the round-level resistance at 0.6100.
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