NZD/USD Price Analysis: Treads water around a psychological level of 0.6200

NZD/USD struggles to extend its winning streak amid a bullish momentum on Friday.
The immediate resistance region appears around February’s high at 0.6219 and the 50.0% retracement level of 0.6223.
The pair could find the key support region around the seven-day EMA at 0.6167 and the major level of 0.6150.

Akhtar Faruqui FXStreet

NZD/USD grapples to extend its winning streak that began on February 14 amid a stable US Dollar. The NZD/USD pair struggles around the psychological level of 0.6200 during the Asian trading hours on Friday.

If the NZD/USD pair surpasses the psychological threshold of 0.6200, it could receive upward support to potentially lead the pair to explore region around the February’s high at 0.6219 and the 50.0% retracement level of 0.6223. A break above this region could exert support for the pair to approach the major resistance of 0.6250 level.

The technical analysis suggests a bullish momentum for the NZD/USD pair. The Moving Average Convergence Divergence (MACD) line is positioned above the centerline, showing divergence above the signal line. Additionally, the 14-day Relative Strength Index (RSI), a lagging indicator, is above the 50 level, suggesting a confirmation of the bullish sentiment.

On the downside, immediate support for the NZD/USD pair is anticipated at the seven-day Exponential Moving Average (EMA) at 0.6167 followed by the major support of 0.6150. A breach below this level could exert downward pressure on the pair, potentially testing the weekly low of 0.6122 to approach the psychological support level of 0.6100.

NZD/USD: Daily Chart

NZD/USD

Overview
Today last price	0.62
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.62

Trends
Daily SMA20	0.6119
Daily SMA50	0.6181
Daily SMA100	0.6087
Daily SMA200	0.6077

Levels
Previous Daily High	0.6219
Previous Daily Low	0.6171
Previous Weekly High	0.6153
Previous Weekly Low	0.6049
Previous Monthly High	0.6339
Previous Monthly Low	0.6061
Daily Fibonacci 38.2%	0.6201
Daily Fibonacci 61.8%	0.6189
Daily Pivot Point S1	0.6174
Daily Pivot Point S2	0.6149
Daily Pivot Point S3	0.6126
Daily Pivot Point R1	0.6222
Daily Pivot Point R2	0.6245
Daily Pivot Point R3	0.627

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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