NZD/USD Price Analysis: Bulls take a breather, bears must conquer the 0.6100 mark to start talking
Source Fxstreet
- The NZD/USD is taking a breather after last week’s rally.
- The pair are building a fortification around the 0.6100 area following multiple bullish crossovers of the 20-day SMA.
- Multiple bullish SMA crossovers confirm the positive outlook.
On Thursday, the NZD/USD pair traded neutrally around the 0.6115 level as bullish momentum paused. The outlook turned positive after the pair surged above the 100 and 200-day Simple Moving Averages (SMA) last week, with the 20-day SMA forming a bullish crossover, solidifying support at 0.6100.
In the daily analysis, the Relative Strength Index (RSI) shows a neutral trend with the recent RSI readings at 60, indicating that buying pressure has steadied. The slope has flattened compared to previous sessions, suggesting stability in bullish momentum. This neutral tendency in the RSI coincides with flat green bars on the Moving Average Convergence Divergence (MACD), hinting at a continued yet steady upward trend.
NZD/USD daily chart
Further support comes from the NZD/USD pair maintaining its position above last week's 100 and 200-day SMA. This was fortified by the 20-day SMA completing a bullish crossover with the 100 and 200-day averages, building robust support around the 0.6100 mark. Any movements that keep the pair above these levels won’t threaten the overall bullish trend.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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