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    NZD/USD Price Analysis: Treads water around a psychological level of 0.6200

    Source Fxstreet
    Feb 23, 2024 06:30
    • NZD/USD struggles to extend its winning streak amid a bullish momentum on Friday.
    • The immediate resistance region appears around February’s high at 0.6219 and the 50.0% retracement level of 0.6223.
    • The pair could find the key support region around the seven-day EMA at 0.6167 and the major level of 0.6150.

    NZD/USD grapples to extend its winning streak that began on February 14 amid a stable US Dollar. The NZD/USD pair struggles around the psychological level of 0.6200 during the Asian trading hours on Friday.

    If the NZD/USD pair surpasses the psychological threshold of 0.6200, it could receive upward support to potentially lead the pair to explore region around the February’s high at 0.6219 and the 50.0% retracement level of 0.6223. A break above this region could exert support for the pair to approach the major resistance of 0.6250 level.

    The technical analysis suggests a bullish momentum for the NZD/USD pair. The Moving Average Convergence Divergence (MACD) line is positioned above the centerline, showing divergence above the signal line. Additionally, the 14-day Relative Strength Index (RSI), a lagging indicator, is above the 50 level, suggesting a confirmation of the bullish sentiment.

    On the downside, immediate support for the NZD/USD pair is anticipated at the seven-day Exponential Moving Average (EMA) at 0.6167 followed by the major support of 0.6150. A breach below this level could exert downward pressure on the pair, potentially testing the weekly low of 0.6122 to approach the psychological support level of 0.6100.

    NZD/USD: Daily Chart

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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