NZD/USD Price Analysis: Side-ways trade on set, bullish momentum flat

NZD/USD is consolidating around 0.6225 with bullish traction flat.
The RSI is rising at 60 while the MACD flat green bars paint a neutral to bullish outlook.

Patricio Martín FXStreet

The NZD/USD continues consolidating around 0.6225 with bulls taking a breather but seeming to be gathering strength before their next upwards leg. Bears made a stride at the beginning of the week pushing the pair down by nearly 1% but those movements seem to have been only corrective as the overall outlook is on the bull's side.

The Relative Strength Index (RSI) has risen to 60 while the Moving Average Convergence Divergence (MACD) is flat green bars suggesting that while momentum is positive, it seems to be flattening favoring the side-ways movements. The volume is also average, which suggests that the bullish momentum may be limited

NZD/USD daily chart

Looking at the support and resistance levels, the pair is facing resistance at the 0.6250 level. A break above this level could open the door for further gains. On the downside, the pair is facing support at the 0.6200-0.6180 level. A break below this level could shift the tide in favor of the bears.

Author

Patricio Martín

FXStreet

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

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