NZD/USD Price Forecast: Bulls extend gains, testing 0.6000
|- NZD/USD extends uptrend, nearing the 0.6000 resistance level.
- RSI rises near 50, indicating a balanced market sentiment.
On Wednesday, the NZD/USD pair extended its gains rising to 0.5995 and approaching the 0.6000 level, which is a key psychological level. As the pair gained the 20-day Simple Moving Average (SMA) around 0.5980, the outlook is brightening.
The daily chart shows that the Relative Strength Index (RSI) is printing at 49, suggesting that the current uptrend is sustainable and could continue soon. The Moving Average Convergence Divergence (MACD) is also printing a rising green bar, which suggests the bulls are gathering momentum.
The NZD/USD pair is currently facing resistance at 0.6000, and a break above could open the door to a move toward 0.6050. Support is located at 0.5950 and a break below could lead to a move towards 0.5925-0.5900.
NZD/USD Daily chart
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