NZDUSD 8 Jul 2024 On the daily timeframe, NZDUSD has been in a bullish trend since the beginning of this month, bouncing back when it touched the kumo which acts as a support line. Currently, the pair is at a price position of 0.61457 and is still likely to continue as it is still above the kumo cloud. However, if you look at the stochastic indicator, it appears that the pair is heading towards the 80 level which allows for overbought saturation. Traders should pay attention to potential trend reversal or consolidation when stochastic reaches overbought levels, and wait for confirmation of bearish signals before making a sell decision or keep an eye on support levels for buying opportunities on retracement.
