NZD/USD Price Analysis: Maintains its position below 0.6000 ahead of US jobs data
- NZD/USD consolidates below the psychological level before US Jobless Claims.
- Nine-day EMA at 0.5952 could act as the key support aligned to the 0.5950 major level.
- 38.2% Fibo at 0.6025 emerges as the barrier followed by the major level at 0.6050.
NZD/USD retreats from the weekly high, hovering below the 0.6000 psychological level during the European hours on Thursday. The NZD/USD pair could find support at the nine-day Exponential Moving Average (EMA) at 0.5952 lined up with a major level at 0.5950.
A decisive break below the level could influence the bears of the NZD/USD pair to navigate the region around 0.5900 psychological level following the two-week low at 0.5859.
However, the technical indicators for the NZD/USD pair do indeed paint a bullish picture. The 14-day Relative Strength Index (RSI) being above the 50 level signals upward support, indicating a strong momentum in favor of the pair.
Moreover, the Moving Average Convergence Divergence (MACD) line, positioned above the centerline and showing divergence above the signal line, further suggests a bullish momentum in the NZD/USD pair.
On the upside, the 38.2% Fibonacci retracement at 0.6025 appears to be the immediate resistance. A firm breakthrough above the latter could support the NZD/USD pair to explore the region around the major level at 0.6050 followed by the 50% retracement at 0.6099 level.
NZD/USD: Daily Chart
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.
