NZD/USD Price Analysis: Bulls take a breather, bears must conquer the 0.6100 mark to start talking

The NZD/USD is taking a breather after last week’s rally.
The pair are building a fortification around the 0.6100 area following multiple bullish crossovers of the 20-day SMA.
Multiple bullish SMA crossovers confirm the positive outlook.

Patricio Martín FXStreet

On Thursday, the NZD/USD pair traded neutrally around the 0.6115 level as bullish momentum paused. The outlook turned positive after the pair surged above the 100 and 200-day Simple Moving Averages (SMA) last week, with the 20-day SMA forming a bullish crossover, solidifying support at 0.6100.

In the daily analysis, the Relative Strength Index (RSI) shows a neutral trend with the recent RSI readings at 60, indicating that buying pressure has steadied. The slope has flattened compared to previous sessions, suggesting stability in bullish momentum. This neutral tendency in the RSI coincides with flat green bars on the Moving Average Convergence Divergence (MACD), hinting at a continued yet steady upward trend.

NZD/USD daily chart

Further support comes from the NZD/USD pair maintaining its position above last week's 100 and 200-day SMA. This was fortified by the 20-day SMA completing a bullish crossover with the 100 and 200-day averages, building robust support around the 0.6100 mark. Any movements that keep the pair above these levels won’t threaten the overall bullish trend.

NZD/USD

Overview
Today last price	0.6115
Today Daily Change	-0.0001
Today Daily Change %	-0.02
Today daily open	0.6116

Trends
Daily SMA20	0.6069
Daily SMA50	0.6007
Daily SMA100	0.6067
Daily SMA200	0.6046

Levels
Previous Daily High	0.6151
Previous Daily Low	0.6111
Previous Weekly High	0.6153
Previous Weekly Low	0.6083
Previous Monthly High	0.6079
Previous Monthly Low	0.5851
Daily Fibonacci 38.2%	0.6126
Daily Fibonacci 61.8%	0.6136
Daily Pivot Point S1	0.6101
Daily Pivot Point S2	0.6086
Daily Pivot Point S3	0.6061
Daily Pivot Point R1	0.6141
Daily Pivot Point R2	0.6166
Daily Pivot Point R3	0.6181

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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