NZD/USD Price Analysis: Bulls gain traction, outlook positive

NZD/USD rallied to 0.6150 in Tuesday's session, extending Monday's gains.
The RSI reached 63 while the MACD is showing rising green bars, suggesting increasing bullish momentum.
A break above 0.6200 could lead to a further rally towards 0.6250-0.6300.

Patricio Martín FXStreet

In Tuesday's session, the NZD/USD soared and rose by 0.80% to 0.6150, extending Monday's gains. The pair has been trading in within a range between 0.5980 and 0.6100 for the past few weeks but the breakout from that channel suggests a stronger upward momentum.

On the daily chart, the Relative Strength Index (RSI) jumped to 63 while Moving Average Convergence Divergence (MACD) is showing rising green bars, suggesting increasing bullish momentum. These indicators suggest that the buying pressure is gathering strength and a further rise is possible.

NZD/USD daily chart

The NZD/USD pair is facing immediate resistance at 0.6200. A consolidation above this level could open the door for a further rally towards 0.6300. On the downside, immediate support lies in the range of 0.6100 and 0.6150. After a furious rally in the last sessions, a correction is possible and the pair might correct in the mentioned range.

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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