NZD/USD Price Analysis: Bulls gain traction ahead of key resistance zone
- NZD/USD trades near the 0.5900 area, supported by bullish momentum into Monday’s Asian session
- Short-term moving averages align to the upside, but MACD and 200-day SMA raise caution
- Resistance eyed near 0.5890–0.5900, while support sits just above the 0.5700 handle
The NZD/USD pair extended its upside during Monday’s session ahead of the Asian open, climbing near the 0.5900 zone and logging a daily gain of nearly 1%. The pair is advancing within the upper portion of its daily range, suggesting ongoing bullish traction despite lingering longer-term bearish risks.
Momentum remains mixed. The Relative Strength Index (RSI) stands neutral at 53.82, while the Stochastic RSI Fast and Awesome Oscillator are hovering in neutral territory.
On the supportive side, shorter-term moving averages offer a constructive backdrop. The 10-day EMA and SMA, at 0.56685 and 0.56688, respectively, point upward, alongside the 20-day SMA at 0.57156 and the 100-day SMA at 0.57072. These help validate the bullish narrative. However, the 200-day SMA at 0.58946 looms above as potential resistance and could cap further advances unless decisively breached.
Daily chart
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
