NZD/USD Price Forecast: Remains within a consolidation range of 0.5950/0.5900

NZD/USD could target the upper side of the rectangle around 0.6010.
A bullish bias strengthens as the 14-day Relative Strength Index remains above the 50 mark.
The primary support appears at the nine-day EMA of 0.5916.

Akhtar Faruqui FXStreet

NZD/USD is trading around 0.5940 during the European hours on Wednesday. The pair has retraced its recent losses registered in the previous session as a neutral bias persists, suggested by the technical analysis of the daily chart showing the pair is consolidating within a rectangular pattern.

A bullish bias is expected to be reinforced as the 14-day Relative Strength Index (RSI) remains slightly above the 50 mark. Meanwhile, the NZD/USD pair is positioned above the nine-day Exponential Moving Average (EMA), indicating a short-term price momentum is stronger.

The NZD/USD pair could test the initial support at the nine-day EMA of 0.5916 on the downside. Further depreciation below this level would weaken the short-term price momentum and potentially drive the pair toward the 50-day EMA at 0.5853. Further decline would encounter the rectangle’s lower boundary around 0.5830. A sustained move beneath this crucial support zone could further dampen medium-term price momentum, paving the way for a deeper decline toward 0.5485, a level not seen since March 2020.

NZD/USD: Daily Chart

New Zealand Dollar PRICE Today

The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the strongest against the US Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.38%	-0.14%	-0.27%	-0.20%	-0.30%	-0.10%	-0.42%
EUR	0.38%		0.25%	0.07%	0.16%	0.10%	0.29%	-0.04%
GBP	0.14%	-0.25%		-0.14%	-0.07%	-0.15%	0.05%	-0.30%
JPY	0.27%	-0.07%	0.14%		0.08%	-0.01%	0.18%	-0.14%
CAD	0.20%	-0.16%	0.07%	-0.08%		-0.10%	0.12%	-0.23%
AUD	0.30%	-0.10%	0.15%	0.01%	0.10%		0.20%	-0.13%
NZD	0.10%	-0.29%	-0.05%	-0.18%	-0.12%	-0.20%		-0.33%
CHF	0.42%	0.04%	0.30%	0.14%	0.23%	0.13%	0.33%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).

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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