In Thursday’s trading session, the NZD/USD pair saw a decline of 0.30%, settling around the 0.6140 mark after failing to extend its gains. This consolidation comes as the Relative Strength Index (RSI) has dropped back to 62, signaling a neutral market sentiment with moderate buying pressure. Additionally, the Moving Average Convergence Divergence (MACD) is showing decreasing green bars, indicating a slowdown in bullish momentum.
Looking at the daily chart, immediate resistance for the pair is seen at 0.6170, with a potential rally towards the 0.6200 zone if this level is breached. On the downside, support is found between 0.6130 and 0.6150, with a break below 0.6130 potentially leading to a further decline towards 0.6100.
Overall, the NZD/USD pair is currently in a consolidation phase with a neutral technical outlook. Traders should keep an eye on key support and resistance levels for potential trading opportunities as the pair navigates through the current market conditions.
NZD/USD Daily Chart
Analysis: The NZD/USD pair is experiencing a slowdown in bullish momentum as it consolidates around the 0.6140 level. Traders should watch for key support and resistance levels for potential trading opportunities.