The pair traded within a broad bullish reversal and starts Thursday near the top of the recent advance. NZD/USD built a powerful recovery from the 0.5860 zone and rallied toward 0.5980, where the market is now consolidating under the local high rather than retracing deeply. This is a constructive sign for the whole day because it shows that the upside move remains accepted by the market, even after a very fast rise.
For the full session, the structure stays positive while price holds above the pivot and keeps defending the upper support cluster. If that support remains intact, buyers may attempt another extension higher into fresh daily highs. If the pair loses the pivot, the current bullish structure may shift into a broader correction after the strong impulsive recovery. So the day begins with a bullish bias, but volatility can stay elevated because the recent rise was steep.
Current price: 0.59581
Pivot: 0.59520
Nearest support levels: S1: 0.59400, S2: 0.59220, S3: 0.58980
Nearest resistance levels: R1: 0.59720, R2: 0.59920, R3: 0.60140
Note:
Above Pivot: If the pair stays above 0.59520, buyers may continue the recovery toward 0.59720 and 0.59920. If the rally expands through the day, the next upside target may come at 0.60140.
Below Pivot: If the pair drops below 0.59520, a broader pullback may develop toward 0.59400 and 0.59220. A deeper daily correction would then expose 0.58980.
