NZD/USD Price Analysis: Hovers near the immediate barrier at 0.5900 psychological level

NZD/USD struggles to halt the losing streak amid improved US Dollar.
MACD suggests tepid momentum, monitoring for potential shifts in market dynamics.
The pair could revisit the 1.0750 major level aligned to the weekly high at 1.0756.

Akhtar Faruqui FXStreet

NZD/USD continues the losing streak for the fifth successive day, trading around the 14-day Exponential Moving Average (EMA) at 0.5898 during the European trading hours on Friday, lined up with the immediate resistance at 0.5900. Fed Chair Jerome Powell's endorsement of further interest rate hikes has exerted downward pressure on the Kiwi pair.

The 23.6% Fibonacci retracement level at 0.5923 is identified as a crucial resistance point in the event of the NZD/USD pair making further advances. If the pair manages to firmly break above this level, it could provide support for bullish momentum, allowing traders to explore the region around the previous week's high at the psychological level of 0.6000.

The 14-day Relative Strength Index (RSI) lies below the 50 level, indicating downward pressure. This suggests a bearish momentum and reflects a weaker market sentiment for the NZD/USD pair. As a result, the pair may be pushed toward major support at the 0.5800 psychological level, with the next potential level of support being the previous week's low at 0.5789.

However, the Moving Average Convergence Divergence (MACD) line is positioned below the centerline but above the signal line in the NZD/USD pair. This configuration suggests a subdued momentum, reflecting a state of uncertainty in the market. Traders may monitor this situation closely for potential shifts in market dynamics.

NZD/USD: Daily Chart

NZD/USD: other technical levels to watch

Overview
Today last price	0.5898
Today Daily Change	-0.0001
Today Daily Change %	-0.02
Today daily open	0.5899

Trends
Daily SMA20	0.5874
Daily SMA50	0.5913
Daily SMA100	0.601
Daily SMA200	0.6108

Levels
Previous Daily High	0.5956
Previous Daily Low	0.5896
Previous Weekly High	0.6005
Previous Weekly Low	0.5788
Previous Monthly High	0.6056
Previous Monthly Low	0.5772
Daily Fibonacci 38.2%	0.5919
Daily Fibonacci 61.8%	0.5933
Daily Pivot Point S1	0.5878
Daily Pivot Point S2	0.5857
Daily Pivot Point S3	0.5818
Daily Pivot Point R1	0.5938
Daily Pivot Point R2	0.5977
Daily Pivot Point R3	0.5998

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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