The NZD/USD pair has risen above the key level of 0.6000, with bullish momentum increasing. Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are pointing towards further upside potential. The 200-day Simple Moving Average (SMA) at 0.6040 is now in focus as a key resistance level, and a break above this could lead to extended gains for the pair.
In Monday’s session, the NZD/USD pair continued its bullish trend, rising by 0.30% to 0.6015. The RSI has crossed above 50, indicating a shift towards bullish territory, while the MACD is showing increasing bullish momentum with rising green bars. This suggests that buying pressure is on the rise, and the bulls are currently in control of the pair.
On the daily chart, the NZD/USD pair is facing immediate resistance at 0.6040, where the 200-day SMA is located. A break above this level could pave the way for a deeper rally towards 0.6100 and 0.6150. However, on the downside, support levels are seen at 0.5970 (20-day SMA) and 0.5900. A break below 0.5900 could trigger a deeper pullback for the pair.
Overall, the NZD/USD pair is currently in a bullish phase, with technical indicators supporting further upside potential. Traders will be closely watching the key resistance level at 0.6040 for a breakout that could lead to extended gains. On the other hand, a break below the support levels could signal a short-term correction in the pair. As always, it is important to monitor market developments and use risk management strategies to navigate the volatile forex market.
