NZD/USD Price Analysis: Holds near 0.6230 amid improved Greenback, US NFP eyed
|- NZD/USD consolidates post-recent losses ahead of US Nonfarm Payrolls data.
- The pair could surpass 0.6250 to test seven-day EMA at 0.6261.
- MACD suggests a shift toward bearish market sentiment.
NZD/USD moves sideways with a negative bias, hovering around 0.6230 during the early European trading hours on Friday. The technical indicator 14-day Relative Strength Index (RSI) is positioned above the 50 level, signaling a strong sentiment. This suggests that the NZD/USD pair could approach the 0.6250 major followed by the seven-day Exponential Moving Average (EMA) at 0.6261.
A breakthrough above the major level could influence the bulls of the NZD/USD pair to approach the psychological region around 0.6300 level followed by the weekly high at 0.6329 and the major resistance at 0.6350 level.
On the downside, the NZD/USD pair could find immediate support at the 0.6200 psychological level. A break below the latter could put pressure on the pair to navigate the 38.2% Fibonacci retracement at 0.6167 level followed by the major support at 0.6150 level.
The technical analysis points toward a potential shift in sentiment for the NZD/USD pair. The placement of the Moving Average Convergence Divergence (MACD) line above the centerline, along with divergence below the signal line, signals a possible move toward a bearish sentiment. Traders are likely to keep a close eye on this lagging indicator and may await further confirmation before making trading decisions.
NZD/USD: Daily Chart:
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