NZD/USD Price Analysis: Sharp bullish momentum seen and pair claims to highs since December

The NZD/USD pair has risen sharply to trade at 0.6340, a 1% rise, suggesting strong buying pressure.
The RSI and MACD indicators are both sharply rising, indicating increasing buying momentum.
With the pair near 0.6350, it tallied its highest level since December.

Patricio Martín FXStreet

On Tuesday, the NZD/USD pair rose sharply, gaining more than 1% and moving to 0.6340, levels not seen since December of 2023.

The Relative Strength Index (RSI) is currently at 70, in the overbought zone. Looking at the Moving Average Convergence Divergence (MACD) confirms these conditions, printing rising green bars. However, traders should remain vigilant for a potential reversal as the upward movements may be over-extended and a consolidation might be necessary.

NZD/USD daily chart

The pair maintains a bullish outlook, trading above its major moving averages and holding strong at support levels of 0.6200, 0.6180, and 0.6150. On the upside, resistance lies at 0.6280, 0.6300, and 0.6310. If the pair manages to close above 0.6280, it could signal further upward momentum, with the next target set around early September highs near 0.6300. Breaking through these resistance points with solid trading volume may strengthen the bullish case.

Traders shouldn’t take off the table a downwards consolidation and the mentioned supports could be used to consolidate the recent gains.

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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