NZD/USD Price Analysis: Consolidation takes place, 0.6000 remains crucial

NZD/USD bulls struggle above 0.6000, bears eye 0.5950.
RSI neutralizes at 54, MACD flattens.
The pair will tally a 0.80% weekly gain.

Patricio Martín FXStreet

In Friday's session, the NZD/USD pair declined mildly to 0.6010, marking the seventh consecutive day within a narrow range. The technical readings suggest that the pair remains in a consolidative phase, with bulls struggling to push above 0.6000 and bears keeping the downside limited.

The Relative Strength Index (RSI) has neutralized at 51, indicating a balance between buyers and sellers. The Moving Average Convergence Divergence (MACD) has flattened, showing a lack of clear directional bias. However, the histogram remains positive and the green bars, hint at steady buying traction.

The NZD/USD pair is facing immediate resistance at 0.6000 and support at 0.5950. A break above 0.6000 could open the door for a rally towards 0.6040 (100-day Simple Moving Average (SMA)) and then towards 0.6150, while a break below 0.5970 (20-day SMA) could lead to a deeper pullback towards 0.5900.

NZD/USD Daily chart

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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