NZD/USD Price Analysis: Bulls attempt to retake the 20-day SMA, outlook promising

The NZD/USD pair has been choppy between 0.6159-0.6260 in the past sessions.
The RSI shows rising buying pressure, whereas the MACD suggests a potential reversal in the bearish momentum.

Patricio Martín FXStreet

On Thursday, the NZD/USD pair rose to 0.6239, above the 20-day Simple Moving Average (SMA) which served as a strong resistance in the last sessions. Indicators meanwhile look promising.

The Relative Strength Index (RSI) is at 59, in positive territory with a rising slope, signaling rising buying pressure. Conversely, the Moving Average Convergence Divergence (MACD) histogram is red and falling, suggesting that selling pressure may be declining. This presents a mixed outlook for the pair.

NZD/USD daily chart

Key support levels include 0.6150, 0.6120, and 0.6100, while resistance levels are 0.6190, 0.6200, and 0.6230. A close above the 20-day SMA, currently at 0.6200, could signal further upward movement with the next target being at early September highs near 0.6300.

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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