The NZD/USD pair is currently consolidating around the 0.6225 level with bullish momentum remaining flat. The Relative Strength Index (RSI) is on the rise at 60, indicating a positive trend, while the Moving Average Convergence Divergence (MACD) shows neutral to bullish signals with flat green bars.
Although bears made a slight push at the beginning of the week, resulting in a 1% decline, the overall outlook remains in favor of the bulls. The consolidation phase suggests that buyers are regaining strength before the next upward move.
NZD/USD Daily Chart Analysis
Resistance is currently seen at the 0.6250 level, with a break above this point likely to lead to further gains. On the downside, support lies at the 0.6200-0.6180 range. A break below this support level could shift the momentum in favor of the bears.
Overall, the NZD/USD pair is in a consolidation phase with bullish momentum flatlining. Traders should keep an eye on key support and resistance levels to gauge the next potential direction of the pair.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. Trading in the financial markets carries risk and traders should conduct their own research before making any investment decisions.