In a remarkable move, the NZD/USD pair surged by 0.92% to 0.6090, indicating a strong bullish trend that has been building up over the past few sessions. Technical indicators are pointing towards further gains, with a key focus on breaking above the 0.6100 resistance level, where the 200-day Simple Moving Average (SMA) converges.
The Relative Strength Index (RSI) is holding in positive territory at 64, signaling robust bullish momentum and potential for more upside. The Moving Average Convergence Divergence (MACD) is also on the rise, with increasing green bars indicating a strengthening bullish trend.
NZD/USD Daily Chart Analysis
The daily chart for NZD/USD highlights immediate resistance at 0.6100, with a breakthrough likely to pave the way for a further rally towards 0.6150 and 0.6200. On the downside, support levels are seen at 0.6000 and 0.5950, with a break below 0.5950 potentially triggering a deeper pullback.
Looking ahead, the NZD/USD pair is anticipated to face continued bullish pressure, supported by technical indicators that favor the bulls. Following a bottoming out around 0.5860 in early August, it appears to be an opportune time for buyers to enter the market.