NZD/USD Price Analysis: Bulls reclaim ground but momentum flattens

The NZD/USD is currently in a consolidation phase following last week's rally.
The pair is building support around the 0.6050-0.6100 area.
Indicators are deep in the positive area on the daily chart and hourly indicators decelerated.

Patricio Martín FXStreet

The NZD/USD pair witnessed a rise, trading at a high of 0.6160 before stabilizing at 0.6145 as the pair entered a consolidation phase.

In the daily chart, the Relative Strength Index (RSI) improved with the latest readings at 64, suggesting increased buying pressure. This rise in the RSI matches with the steady presence of green bars on the Moving Average Convergence Divergence (MACD), hinting at an ongoing upward trend.

NZD/USD daily chart

Zooming in, hourly indicators remain in positive area but somewhat flattened with the RSI at 58 and the MACD printing flat green bars.

NZD/USD hourly chart

Additionally, the NZD/USD continues its strong upward trend, with the convergence of its 20, 100, and 200-day Simple Moving Averages (SMAs) in the 0.6050-0.6100 region providing strong support for the pair. Despite any data that may indicate a stabilizing NZD, the technical indicators reflect ongoing bullish activity. Any movements below this convergence could be considered a sell signal.

NZD/USD

Overview
Today last price	0.6146
Today Daily Change	0.0031
Today Daily Change %	0.51
Today daily open	0.6115

Trends
Daily SMA20	0.6077
Daily SMA50	0.6008
Daily SMA100	0.6065
Daily SMA200	0.6047

Levels
Previous Daily High	0.6132
Previous Daily Low	0.6088
Previous Weekly High	0.6153
Previous Weekly Low	0.6083
Previous Monthly High	0.6079
Previous Monthly Low	0.5851
Daily Fibonacci 38.2%	0.6105
Daily Fibonacci 61.8%	0.6115
Daily Pivot Point S1	0.6091
Daily Pivot Point S2	0.6068
Daily Pivot Point S3	0.6047
Daily Pivot Point R1	0.6135
Daily Pivot Point R2	0.6156
Daily Pivot Point R3	0.6179

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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