The NZD/USD pair has been on a winning streak, reaching a high of 0.6300 before settling at 0.6250 in Thursday’s session. However, technical indicators are showing signs of caution as the Relative Strength Index (RSI) is nearing overbought territory at 68, indicating potential selling pressure. The Moving Average Convergence Divergence (MACD) is also flat, signaling weakening buying momentum.
Analysis of NZD/USD Daily Chart
The key resistance level for the pair is at 0.6250, with potential upside targets at 0.6270 and 0.6300. On the downside, support is found at 0.6230-0.6200. Despite the current bullish outlook, investors should be cautious of a possible correction in the near future.
Overall, while the NZD/USD pair has been performing well, it is important to keep an eye on the technical indicators and potential market developments to make informed investment decisions. Stay tuned for further updates on this currency pair.