NZD/USD Price Analysis: Bulls assert dominance, closes its best week of 2024

The daily chart reveals a strong bullish sentiment with indicators deep in positive territory.
Hourly indicators show a flattening buying traction but remain positive.
The pair closed its best week since November 2023.

Patricio Martín FXStreet

In Friday's session, the NZD/USD rose to the 0.6137 level, demonstrating a strong bullish trend. After closing above its main Simple Moving Averages (SMAs) of 20,100 and 200 days, the pair secured its best week since late 2023.

On the daily chart, the Relative Strength Index (RSI) reveals a positive trend, moving from below 60 and nearing the 70 mark. This indicates that the NZD/USD pair is accumulating strength, demonstrating bullish pressure in the recent sessions. Concurrently, the Moving Average Convergence Divergence (MACD) prints green bars, showing steady buying traction.

NZD/USD daily chart

The hourly RSI readings exhibit a consistent positive trend over the recent hours, but was seen finishing at 57.17 but pointing downwards. The hourly MACD chart supports this view, with gradually diminishing green bars indicating a slowing positive momentum as investors take profits.

NZD/USD hourly chart

In conclusion, the NZD/USD is in a robust technical position, showing short and long-term bullish signals on the daily and short-term charts. Although the RSI shows that the pair is approaching overbought conditions and the hourly indicators show dwindling positive momentum, the pair retains its position above vital SMAs. Traders shouldn’t take off the table further corrective movements as investors might continue taking profits.

NZD/USD

Overview
Today last price	0.6131
Today Daily Change	0.0010
Today Daily Change %	0.16
Today daily open	0.6121

Trends
Daily SMA20	0.5985
Daily SMA50	0.6008
Daily SMA100	0.6079
Daily SMA200	0.6039

Levels
Previous Daily High	0.6141
Previous Daily Low	0.6095
Previous Weekly High	0.6041
Previous Weekly Low	0.598
Previous Monthly High	0.6079
Previous Monthly Low	0.5851
Daily Fibonacci 38.2%	0.6113
Daily Fibonacci 61.8%	0.6123
Daily Pivot Point S1	0.6097
Daily Pivot Point S2	0.6073
Daily Pivot Point S3	0.6051
Daily Pivot Point R1	0.6143
Daily Pivot Point R2	0.6165
Daily Pivot Point R3	0.6189

Author

Patricio Martín

FXStreet

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

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.