NZD/USD Price Analysis: Bulls extend rally toward key resistance
- NZD/USD climbs to 0.5735, reaching its highest level since late January.
- The pair maintains its bullish trajectory, posting a 1.50% gain since last week.
- Technical indicators remain supportive, with RSI rising sharply.
The NZD/USD pair continued its upward momentum on Monday, gaining 0.26% to reach 0.5735, marking its highest level since late January. The pair has now accumulated a 1.50% advance over the past week, with bulls showing no signs of letting up. The next key test lies ahead at the 100-day Simple Moving Average (SMA), positioned at 0.5825, a level that could determine whether the rally extends further.
Technical indicators suggest that buyers are firmly in control. The Relative Strength Index (RSI) has surged to 63, remaining in positive territory, indicating strong bullish sentiment. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram continues to print rising green bars, reinforcing the ongoing momentum.
Looking ahead, further gains could materialize if NZD/USD manages to breach the 0.5750 level, with the next key resistance seen at the 100-day SMA around 0.5825. A sustained break above this area would open the door for a move toward 0.5900. Conversely, failure to maintain current levels may see the pair retreating toward initial support at 0.5700, followed by the 20-day SMA near 0.5650.
NZD/USD daily chart
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
