NZD/USD Price Analysis: Pair conquers 20-day SMA, but 100-day SMA crossover raises concerns
- Friday's session saw NZD/USD rally 0.61% to trade around 0.5930.
- Price action shows recent gains and a recovery to the 20-day SMA, indicating potential for a reversal.
- Indicators look promising and approaching positive areas so the pair may see further upside.
The NZD/USD pair surged by 0.61% on Friday's session, continuing the recovery from last week's lows and reaching 0.5930.
The pair has resumed its upward trajectory, fueled by positive technical indicators. The Relative Strength Index (RSI) has moved near positive territory at around 49, signaling increasing buying pressure and bullish sentiment. Moreover, the Moving Average Convergence Divergence (MACD) indicator displays a rising green histogram, further confirming the bullish momentum.
The Kiwi's pair's recent rally has seen it conquer the 20-day Simple Moving Average (SMA) of 0.5905, signaling potential for a bullish reversal. However, the lingering bearish crossover between the 100-day and 200-day SMAs at 0.6060 raises concerns about the sustainability of the gains. Positive technical indicators, including the RSI and MACD, suggest buying pressure is rising and support bullish momentum..
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.
