NZD/USD Price Analysis: Promising outlook, bulls could confirm a recovery

NZD/USD rose by 0.70% on Thursday to 0.6180.
The RSI is in positive territory with a rising slope, suggesting that buying pressure is increasing
If the bulls secure the 20-day SMA at 0.6185, it could confirm a recovery of the buying traction.

Patricio Martín FXStreet

In Thursday's session, the New Zealand Dollar appreciated against its US counterpart, recovering from the previous session's decline. The NZD/USD pair moved up by 0.75% to a high of 0.6180, as the bulls took control of the market.

The Relative Strength Index (RSI) is currently at 55, which is in positive territory and has a rising slope, suggesting that the bulls are gaining momentum. The Moving Average Convergence Divergence (MACD) printed decreasing red bars, a sign of a potential reversal in the bearish momentum. This is aligned with the recent price action, which shows the bulls are pushing back.

NZD/USD daily chart

Key support levels to watch are 0.6120, 0.6140, and 0.6160, while resistance levels are 0.6185 (20-day Simple Moving Average), 0.6210, and 0.6230. A consolidation above the 0.6200 would put the pair back above the 20,100 and 200-days SMA which could trigger additional upwards movements.

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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