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NZD/USD chart - Trading View
NZD/USD erases early losses, trades 0.48% higher on the day at 0.5876 at 11:15 GMT.
The pair is extending gains above 5-DMA and has broken above 23.6% Fib retracement (0.5772).
5-DMA has turned, MACD is on verge of bullish crossover on signal line and Stochs and RSI have rolled over from oversold levels.
Major trend in the pair is bearish. However, minor trend is turning slightly bullish, raising scope for upside.
Immediate resistance is seen at 38.2% Fib at 0.5960. Further upside momentum could see test of 21-EMA at 0.6017.
'Death Cross' (bearish 50-DMA crossover on 200-DMA) on the daily charts could limit gains.
The weekly reading of US Jobless Claims and GDP data due later today will be keenly watched for price action.
Support levels - 0.5797 (5-DMA), 0.5772 (23.6% Fib)
Resistance levels - 0.5960 (38.2% Fib), 0.6017 (21-EMA)
