FxWirePro: NZD/USD refreshes monthly high above 0.58, risk-on impulse boosts antipodeans

Chart - Courtesy Trading View 

NZD/USD was trading 0.62% higher on the day at 0.5866 at around 05:55 GMT, slightly lower from session highs at 0.5870.

The pair has hit fresh monthly highs and technical indicators suggest further upside in the pair.

Market sentiment has rebounded firmly supporting the antipodeans. US dollar also remains subdued ahead of key data.

Investors are cautious and remain on the sidelines ahead of the US Gross Domestic Product (GDP) and US Durable Goods Orders data.

NZD/USD is extending break above 21-EMA. The pair is poised for further upside. Bulls eye daily cloud resistance.

Technical indicators are biased higher. MACD and ADX support upside. Momentum is bullish and volatility is high.

Major Support Levels: 

S1: 0.5770 (5-DMA)

S2: 0.5731 (21-EMA)

Major Resistance Levels: 

R1: 0.5873 (55-EMA)

R2: 0.6065 (110-EMA)

Summary: NZD/USD trades with a bullish bias. Upside has paused at 55-EMA resistance, watch out for decisive break above for upside continuation.