NZD/USD Price Analysis: Bulls struggle to sustain gains, outlook neutral

NZD/USD failed to extend its gains and consolidated in a narrow range around 0.6160.
The RSI has fallen back to 64, while the MACD is now showing flat green bars, indicating that the bullish momentum is slowing down.
A break below 0.6130 could lead to a further decline towards 0.6100.

Patricio Martín FXStreet

On Wednesday's session, the NZD/USD retreated to 0.6160 after hitting a high above 0.6200, as it failed to sustain its gains and consolidated in a narrow range around that level.

On the daily chart, the Relative Strength Index (RSI) has fallen back to 64, while the Moving Average Convergence Divergence (MACD) is now showing flat green bars. These indicators suggest that the bullish momentum is slowing down. The volume has been decreasing over the past few sessions, suggesting that the current consolidation is likely to continue.

NZD/USD daily chart

The NZD/USD pair is facing immediate resistance at 0.6170. A consolidation above this level could open the door for a further rally to retest the 0.6200 zone. On the downside, immediate support lies in the range of 0.6130 and 0.6150. A break below 0.6130 could lead to a further decline towards 0.6100.

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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