- NZD/USD may aim for the two-month high at 0.5794.
- The 14-day RSI remains above 50, signaling continued bullish momentum.
- Immediate support is seen at the nine-day EMA around 0.5721.
NZD/USD maintains its gains near 0.5750 during Monday’s European session, with technical indicators pointing to a bullish market outlook. The pair continues to trade within an ascending channel, reinforcing positive momentum.
The 14-day Relative Strength Index (RSI) remains above the 50 mark, supporting the bullish sentiment. Additionally, NZD/USD stays above both the nine-day and 14-day Exponential Moving Averages (EMAs), signaling strong short-term momentum.
On the upside, NZD/USD could target the two-month high of 0.5794, last reached on January 24, followed by resistance at the upper boundary of the ascending channel near 0.5810. A decisive break above this zone may extend gains toward the three-month high of 0.5922, recorded on December 3.
Immediate support lies at the nine-day EMA at 0.5721, with additional support at the 14-day EMA around 0.5707. The lower boundary of the ascending channel at 0.5700 serves as another key support level. A breakdown below this channel could weaken the bullish outlook, exposing NZD/USD to further downside toward 0.5516, its lowest level since October 2022, reached on February 3.
NZD/USD: Daily Chart
