NZD/USD Price Analysis: Bulls take charge, still need to conquer 0.6000

Pair breaks out of the 0.5900-0.5950 range, but momentum still remains weak.
RSI and MACD show improving signs.
Resistance at 0.6000 becomes the target as support shifts to 0.5950.

Patricio Martín FXStreet

On Tuesday, the NZD/USD pair extended its gains, rising by 0.35% to 0.5960 and the daily chart shows some favorable signs for the bulls,

The daily chart shows that the Relative Strength Index (RSI) has climbed to 42, indicating a mounting buying pressure but the fact that it remains below 50 means that the selling pressure still dominates. The Moving Average Convergence Divergence (MACD) has turned green, confirming the bullish momentum.

The overall technical outlook for the NZD/USD remains neutral. The bulls have managed to break above a key resistance level, and the technical indicators are now turning in their favor. If the pair manages to hold above the 0.5950 support level, it could continue its upward trajectory toward the 0.6000 level where the 20-day Simple Moving Average (SMA) converges. A break above this level would confirm but if bulls fail, the selling pressure might resume.

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.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD seems vulnerable near one-month low vs. USD as traders await US data

The GBP/USD pair prolongs its weekly downtrend for the fifth consecutive day on Friday and slides back closer to a nearly one-month low, touched the previous day. Spot prices trade below mid-1.3400s during the Asian session on Friday and seem vulnerable to slide further as traders now look to important US macro data for a fresh impetus.

Gold eyes next breakout on US GDP, PCE inflation data

Gold sticks to recent gains around the $5,000-mark early Friday, biding time before the high-impact US macro events. The focus is now on the US fourth-quarter Gross Domestic Product, core Personal Consumption Expenditures Price Index and the Supreme Court’s ruling on President Donald Trump’s tariffs.

CME Group to make crypto products available for 24/7 trading in May

The Chicago Mercantile Exchange Group has announced plans to extend trading hours for its regulated cryptocurrency futures and options to 24/7, starting May 29, pending regulatory approval.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.