The NZD/USD pair has resumed its gains, rising more than 1% to reach 0.6050 in Friday’s session. The bullish momentum is indicated by rising green bars on the MACD and RSI around 55. The pair is currently trading above the immediate support level of 0.6030 and is facing resistance at 0.6070-0.6100.
On the daily chart, the RSI is around 57, showing positive momentum, while the MACD is also showing bullish signals. This suggests that the buying pressure is increasing, and further gains may be possible.
Traders should keep an eye on key resistance levels at 0.6060, 0.6080, and 0.6100, as well as support levels at 0.6030, 0.5990, and 0.5970. Breaks above or below these levels could trigger significant movements in the pair.
The buyer’s task now is to defend the 100-day SMA of 0.6040 and establish support around this level, similar to what has been done with the 20-day SMA. Monitoring these levels will be crucial for traders looking to capitalize on potential movements in the NZD/USD pair.
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