NZD/USD Price Analysis: Maintains position below 0.6100 before 23.6% Fibonacci level
|- NZD/USD positions below 0.6100 after recovering intraday losses.
- The pair could find the immediate resistance zone around the 23.6% Fibonacci retracement level of 0.6124 and the nine-day EMA at 0.6127.
- Technical analysis indicates a confirmation of the bearish sentiment.
NZD/USD moves sideways with a bias to continue its losing streak that began on February 23. The pair hovers around 0.6090 during the European session on Friday, positioned just below the immediate resistance of the psychological level at 0.6100.
A breakthrough above the latter could exert upward support for the NZD/USD pair to explore the resistance zone around the 23.6% Fibonacci retracement level of 0.6124, in conjunction with the nine-day Exponential Moving Average (EMA) at 0.6127.
Further resistance barriers are anticipated around the major level of 0.6150, followed by the psychological level of 0.6200 and February’s high at 0.6219.
Based on the technical analysis of the Moving Average Convergence Divergence (MACD), the NZD/USD pair appears to exhibit a downward sentiment. The MACD line is positioned below both the centerline and the signal line, indicating a bearish trend. Furthermore, the 14-day Relative Strength Index (RSI) is below the 50 level, suggesting a confirmation of the bearish sentiment.
On the downside, the NZD/USD pair could find key support at the major support level of 0.6050 followed by February’s low at 0.6037. A break below this level could prompt the pair to navigate the support region around the psychological level of 0.6000.
NZD/USD: Daily Chart
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