In the latest trading session, the NZD/USD pair saw a slight decline to 0.6010, continuing its trend within a narrow range for the seventh consecutive day. Technical indicators point towards a consolidative phase, with bullish forces finding it difficult to break above the key level of 0.6000 while bears are keeping a close eye on the 0.5950 support level.
The Relative Strength Index (RSI) has balanced out at 51, indicating an equilibrium between buyers and sellers. Meanwhile, the Moving Average Convergence Divergence (MACD) has flattened, signaling a lack of clear direction. However, the positive histogram and green bars suggest a steady buying momentum in the market.
Looking ahead, the NZD/USD pair faces immediate resistance at 0.6000 and support at 0.5950. A successful break above 0.6000 could pave the way for a potential rally towards 0.6040 (100-day Simple Moving Average) and further towards 0.6150. Conversely, a break below 0.5970 (20-day SMA) could trigger a deeper pullback towards 0.5900.
NZD/USD Daily Chart Analysis