The NZD/USD pair has shown significant strength in recent trading sessions, breaking above the 0.6050 and 0.6120 resistance levels. This bullish momentum has been driven by a positive outlook for the New Zealand Dollar, with the pair now consolidating gains below the 0.6250 level.
On the 4-hour chart, a major bullish trend line is forming with support at 0.6120, indicating a strong upward trend for the pair. The NZD/USD has also settled above the 100 simple moving average and the 200 simple moving average, further supporting the bullish outlook. However, the pair faces immediate support at the 0.6195 level and the 38.2% Fib retracement level, with the main support at 0.6120. A break below this level could trigger a larger decline towards the 0.6060 support level.
Gold prices have entered a consolidation phase and could potentially climb above $2,525 in the near future. This suggests a positive sentiment towards the precious metal, which could be driven by economic uncertainty and market volatility.
Both the EUR/USD and GBP/USD pairs have remained supported in recent trading sessions, with a potential for further upside movements. The EUR/USD pair has rallied above the 1.1150 level and is now consolidating gains, while the GBP/USD pair also shows signs of strength. Economic releases, such as the Eurogroup meeting, could impact the direction of these currency pairs in the coming days.
The recent trends in the forex market suggest a positive outlook for the NZD/USD pair, Gold prices, as well as the EUR/USD and GBP/USD pairs. Traders should closely monitor key support and resistance levels to identify potential trading opportunities in these currency pairs. Economic releases and geopolitical events could also influence market sentiment and drive price movements in the near term.