- NZD/USD rose by 0.80% in Wednesday's session, to land at 0.5950.
- The pair faces strong resistance at 0.5960, with support seen at 0.5880.
- RSI indicates oversold conditions, while MACD shows a steady bearish momentum.
In Wednesday's session, the NZD/USD rose by 0.80% to 0.5950. This surge comes as the pair attempts to recover from recent lows, buoyed by increased demand for riskier assets following the weakness seen in the USD following the Federal Reserve (Fed) decision.
The pair's upward movement brought it close to the resistance level at 0.5960, a key hurdle that has held in the past sessions. Should this level be breached, the next target would be the psychological 0.6000 mark. On the downside, support is solid around 0.5880, providing a safety net for bullish traders.
Technical indicators present a mixed outlook. The RSI, currently at 30, suggests the pair is emerging from oversold territory, potentially signaling further gains. However, the MACD prints flat red bars, indicating persistent bearish momentum. This divergence highlights no clear direction and as volume remains moderate a consolidation looms before a decisive move.
NZD/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD extends the range play amid mixed cues
The AUD/USD pair looks to build on the overnight bounce from a three-month low amid the post-FOMC US Dollar downfall and the upbeat market mood. Meanwhile, the mixed Australian consumer inflation figures released on Wednesday dashed hopes for further interest rate hikes by the RBA.
EUR/USD cycles familiar levels as NFP jobs dump looms ahead
EUR/USD churned near key technical levels on Wednesday after the Federal Reserve held rates steady for one last meeting as markets had broadly anticipated. The slow race to September’s Fed rate call kicks off on Friday with the latest print of US Nonfarm Payrolls for July.
Gold rises to daily highs as Powell unveils a probable rate cut
The precious metal maintains its bullish bias, and climbs to fresh tops past $2,430 per ounce troy after a September rate cut remains on the table.
Why investors need to be careful about celebrity meme coins after SWEENEY token scam
In a now-viral analysis on July 30, on-chain investigator ZachXBT drew attention to a recent celebrity meme coin scam involving the recent hacking of actress Sydney Sweeney's X account and the launch of the SWEENEY token.
What could happen next with the Japanese Yen after BoJ´s hike? Premium
So, the Bank of Japan finally woke up and surprised financial markets by raising its benchmark interest rate by 15 basis points to 0.15%- 0.25%. "Surprise" may be a bit too much, as several Japanese media anticipated the decision a few hours before it took place.