NZD/USD Price Analysis: Pair gets a boost and reclaims the 100-day SMA
- NZD/USD resumes gains and sees more than 1% gains, rising to 0.6050.
- Rising green bars on the MACD and RSI around 55 indicate increasing bullish momentum.
- Pair trades above immediate support of 0.6030, and faces resistance at 0.6070-0.6100.
In Friday's session, the NZD/USD pair resumed its upward trajectory, extending gains to 1% to reach 0.6050 and managed to clear part of the last two sessions' losses.
On the daily chart, the Relative Strength Index (RSI) is currently around 57, indicating a positive momentum. The Moving Average Convergence Divergence (MACD) is showing rising green bars, further supporting the bullish outlook. These indicators suggest that the buying pressure is increasing and a further rise is possible.
NZD/USD daily chart
On the daily chart, the NZD/USD pair is facing immediate resistance at 0.6060. A break above this level could open the door for a further rally towards 0.6080 and 0.6100 (200-day SMA). On the downside, immediate support lies at 0.6030. A break below this level could lead to a deeper correction towards 0.5990 (20-day SMA) and 0.5970. Traders should monitor any breaks above or below the mentioned levels as they could trigger sharp movements.
The buyer's task is now to defend the freshly regained 100-day SMA of 0.6040 and build support around it as it has already done with the 20-day SMA.
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
