NZDUSD H4: Bullish outlook seen, further upside above 0.6220

2 Mar 2023

On the H4 timeframe, prices have broken above a key resistance-turned-support zone at 0.6220, which is in line with the 23.6% Fibonacci extension. A throwback to this zone could present the opportunity to ride the bounce to the resistance zone at 0.6300, which coincides with the 61.8% Fibonacci retracement. Prices are holding above the 50 EMA, and MACD is showing bullish momentum while ADX is above 25, supporting our bullish bias.