- The NZD/USD reached new highs not seen since December.
- The RSI is firmly in the positive zone, and the MACD is displaying increasing green bars, reinforcing a bullish outlook.
- However, if the bulls are unable to break through the 0.6400 level, it could lead to a downward correction.
On Friday, the NZD/USD pair continued its upward trajectory from Thursday, gaining 0.20% and reaching 0.6354, maintaining its bullish trend.
Technical indicators suggest that buying pressure is likely to persist. The Relative Strength Index (RSI) is currently at 66, nearing the overbought zone, indicating strong buying interest but also potential overextension. Additionally, the Moving Average Convergence Divergence (MACD) remains bullish, with a rising histogram and green bars.
NZD/USD Daily Chart
The overall outlook for NZD/USD is bullish. The pair is trading above its key moving averages, and technical indicators are showing renewed strength. While buyers appear to face solid resistance at 0.6350, they may be preparing to retest this level. A breakout above could lead to further gains, potentially testing the 0.6400 level. Conversely, if the pair is rejected at this resistance, selling pressure may emerge, with bears targeting the 0.6300 area, possibly pushing the pair down to the 0.6250-0.6200 range. However, if the pair holds above the 20-day Simple Moving Average (SMA) at 0.6220, the bullish outlook will remain intact.
