NZD/USD Price Analysis: Consolidation phase intensifies, bulls present battle

The NZD/USD stabilizes near 20-day SMA as bears intensify their attempts to breach the20-day SMA.
Despite spirited defenses, both bulls and bears are yet to make significant headway.
Daily chart indicators underscore continued consolidation with a slight downward momentum.

Patricio Martín FXStreet

The NZD/USD dipped to a low of 0.6115 before recovering and stabilizing at the 20-day Simple Moving Average (SMA) of 0.6140. Both bulls and bears seem locked in an intense tussle with attempts to breach the 0.6220 area and the 20-day SMA respectively proving unsuccessful. This is indicative of an ongoing consolidation phase in the aftermath of Mid-May's sharp increase which saw the pair rise by more than 1.30%.

In the daily chart, the Relative Strength Index (RSI) has switched momentum and is now pointing downwards, suggesting a slight decline in buying pressure. This downward shift in the RSI is consistent with the flat red bars in the Moving Average Convergence Divergence (MACD), which further corroborates the consolidation narrative.

NZD/USD daily chart

The NZD/USD's immediate support is now at the 20-day SMA of 0.6140, with the 100 and 200-day SMAs converging in the 0.6050-0.6060 region and providing a strong support base for the pair. This could potentially serve as an anchor for correction if bears begin to take control. Any movements below this point of convergence may potentially signal sell conditions.

On the upside, the 0.6200 is the main resistance which in case of being breached, could be considered a buy signal.

NZD/USD

Overview
Today last price	0.6142
Today Daily Change	-0.0027
Today Daily Change %	-0.44
Today daily open	0.6169

Trends
Daily SMA20	0.6141
Daily SMA50	0.6044
Daily SMA100	0.6069
Daily SMA200	0.6059

Levels
Previous Daily High	0.6218
Previous Daily Low	0.6159
Previous Weekly High	0.6216
Previous Weekly Low	0.6101
Previous Monthly High	0.6171
Previous Monthly Low	0.5875
Daily Fibonacci 38.2%	0.6181
Daily Fibonacci 61.8%	0.6195
Daily Pivot Point S1	0.6146
Daily Pivot Point S2	0.6123
Daily Pivot Point S3	0.6088
Daily Pivot Point R1	0.6205
Daily Pivot Point R2	0.624
Daily Pivot Point R3	0.6263

Author

Patricio Martín

FXStreet

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

EUR/USD weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

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.