It breaks again above the maximum range

• NZD/USD has bounced back above medium-term highs.
• If it can close above the September 3 high, it could signal a bullish breakout.

NZD/USD has recovered from the recent pullback to the 9/11 low. It broke again above the high range of 0.6248 and is rising. It will probably match the 0.6303 high of September 3, however, the trend is unclear and there is no clear bias in either direction.

NZD/USD Daily Chart

If the Kiwi can close above the September 3 high, it will provide bullish confirmation that a sideways range breakout has occurred. Such a move would likely hit the next bullish target at 0.6409, the December 2023 high. Another target is located at 0.6448, the 0.618 ratio of the range height extrapolated above.

The Moving Average Convergence Divergence (MACD) closed above its red signal line, which is a marginally bullish sign.