NZD/USD Price Analysis: Pair saw a volatile session, high near 20-day SMA then retreated

NZD/USD pair traded volatile during Friday's session, clearing all of its daily gains.
Pair initially soared to a high around 0.5970 near the 20-day SMA before erasing all the gains towards 0.5850.
The RSI signaled that buying pressure recovered as it neared the oversold area with a rise in slope.

Patricio Martín FXStreet

The NZD/USD saw a volatile session on Friday, initially soaring to a high around 0.5970 near the 20-day Simple Moving Average (SMA) before erasing all the gains towards 0.5850. The pair mildly rose to 0.5855, indicating that the bulls have limited power and that the bears continue in command but a correction is on the horizon as indicators are near oversold levels.

The technical indicators currently depict a mixed outlook for the NZD/USD pair. The Relative Strength Index (RSI) suggests that buying pressure is recovering as it is approaching the oversold area and its slope is rising sharply. Conversely, the Moving Average Convergence Divergence (MACD) indicates that selling pressure is flat, as evidenced by the flat and red histogram. Despite these conflicting signals, the overall outlook remains tilted in favor of the bears.

Support levels can be found at 0.5900, 0.5850, and 0.5800, while resistance levels lie at 0.5950, 0.6000, and 0.6050.

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 struggles to regain momentum in the low1.1600s

EUR/USD is giving some signs of life in the aftermath of two severe days of losses on Wednesday, reclaiming the 1.1600 hurdle and above on the back of the resurgence of a mild selling bias around the US Dollar. Moving forward, the usual US weekly Claims will take centre stage on Thursday ahead of Friday’s crucial NFP data.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.

XRP rises alongside peers as ETFs attract inflows

Ripple (XRP) is gaining upside momentum, trading above $1.40 at the time of writing on Wednesday. The remittance token is rising in tandem with major crypto assets, including Bitcoin (BTC), which has crossed above the pivotal $70,000 level, and Ethereum (ETH), which is holding above $2,000.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Bittensor extends recovery despite retail demand slump

Bittensor, a leading Artificial Intelligence token, is aging up above $190 at the time of writing on Wednesday. Steady price increases characterise the broader crypto market, with Bitcoin holding above $71,000 and Ethereum above $2,000.