NZD/USD Price Analysis: Bulls push the price to 0.6000, must hold the line
- NZD/USD bulls stand around 0.6000, facing strong resistance.
- RSI at 52 and MACD indicates positive signs.
- The neutral trend remains, with 0.6000 as resistance and 0.5950 as support.
On Thursday, the NZD/USD pair extended its gains, mildly rising to 0.6000, a key resistance level which if it is secured, would improve the outlook. The fact the pair is now above the 20-day Simple Moving Average (SMA) is also good for the pair.
The daily chart shows that the Relative Strength Index (RSI) is at 52, while the Moving Average Convergence Divergence (MACD) also shows a bullish bias, with rising green bars. This suggests that the Kiwi is in a neutral-to-bullish trend as the pair is recovering rather than in a bullish trend. In addition, the volume has been increasing in the last few sessions, which is a positive sign.
The pair is facing resistance at 0.6000 and support at 0.5950. A break above 0.6000 could open the door to further gains to 0.6100, while a break below 0.5950 could lead to a deeper correction to test the 0.5900 support.
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.
