The NZD/USD pair declined by 0.15% to 0.6250 in Friday’s session, indicating a possible correction in the near term. The Relative Strength Index (RSI) is near 70, suggesting the pair is overbought and vulnerable to selling pressure. Additionally, the Moving Average Convergence Divergence (MACD) is showing decreasing green bars, signaling weakening bullish momentum.
Support levels at 0.6230-0.6200 may offer consolidation opportunities before the next upward movement. However, a break below 0.6200 could indicate a bearish trend. Despite the current correction, the overall outlook remains bullish for the NZD/USD pair.
Analysis:
The NZD/USD pair experienced a decline in Friday’s session, with technical indicators pointing towards a potential correction. The RSI and MACD suggest that the pair may face selling pressure and weakening bullish momentum. Support levels at 0.6230-0.6200 could provide a consolidation phase before a possible upward movement. Traders should monitor the 0.6200 support level closely for any signs of a bearish trend. Overall, the outlook for the NZD/USD pair remains bullish, but caution is advised due to the current technical signals.