NZD/USD is currently trading around 0.6210 during the Asian hours, with a bullish outlook on the daily chart. The pair is above the lower boundary of an ascending channel, indicating potential for further gains. However, a move below this boundary could weaken the bullish sentiment.
The 14-day Relative Strength Index (RSI) remains above the 50 level, confirming a persistent bullish trend for the NZD/USD pair. Additionally, the nine-day Exponential Moving Average (EMA) is above the 14-day EMA, suggesting short-term upward momentum and a continuation of the rise in the pair.
Immediate resistance for NZD/USD is seen near the nine-day EMA at 0.6210, with further resistance at the seven-month high of 0.6247. A breakthrough above this level could push the pair towards the upper boundary of the ascending channel, around 0.6350. On the downside, support is expected near the 14-day EMA at 0.6190, potentially driving the pair towards the psychological level of 0.6100 if breached.
In terms of currency performance, the New Zealand Dollar was the weakest against the Japanese Yen. The heat map below shows the percentage changes of major currencies against each other, with NZD displaying negative changes against most of the listed currencies. This reflects the current market sentiment towards the New Zealand Dollar and its relative strength compared to other major currencies.
Overall, the NZD/USD pair remains in a bullish trend, with potential for further upside towards the seven-month high. Traders should keep a close eye on key support and resistance levels to gauge the pair’s future direction. Additionally, monitoring broader market trends and geopolitical developments can provide valuable insights for trading this currency pair.
