NZD/USD Price Forecast: Rises above 0.5700, nine-day EMA amid renewed bullish bias
- NZD/USD attempts to surpass the nine-day EMA, signaling a potential boost in short-term price momentum.
- The 14-day RSI has risen above the 50 mark, reviving a bullish outlook.
- Immediate support is seen at the nine-day EMA at 0.5748, followed by the 50-day EMA at 0.5719.
NZD/USD continues its upward momentum for the second consecutive day, hovering around 0.5750 during European trading hours on Wednesday. The technical analysis of the daily chart indicates a dominant bullish bias, with the pair maintaining its position within an ascending channel. Furthermore, the 14-day Relative Strength Index (RSI) has climbed back above the 50 mark, reinforcing a renewed bullish outlook.
Additionally, the NZD/USD pair is making an effort to break above the nine-day Exponential Moving Average (EMA), indicating the potential for strengthening short-term price momentum. The nine-day EMA holding above the 50-day EMA further supports the broader bullish trend, signaling a continued recovery.
On the upside, a decisive break above the nine-day EMA could further strengthen short-term momentum, potentially driving NZD/USD toward the three-month high of 0.5832, last reached on March 18. Beyond this level, additional resistance is seen near the upper boundary of the ascending channel, around 0.5880.
The nine-day EMA at 0.5748 serves as immediate support, followed by the 50-day EMA at 0.5719. A break below this level could weaken medium-term momentum, increasing downside pressure on the NZD/USD pair to test the psychological support at 0.5700, with the lower boundary of the ascending channel near 0.5660 as the next key level. A breakdown below this channel could reinforce the bearish bias, potentially pushing the pair toward the monthly low of 0.5593, recorded on March 3.
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 British Pound.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.00% | 0.44% | 0.21% | -0.18% | -0.23% | -0.33% | 0.10% | |
| EUR | -0.00% | 0.43% | 0.18% | -0.18% | -0.22% | -0.33% | 0.09% | |
| GBP | -0.44% | -0.43% | -0.23% | -0.61% | -0.65% | -0.77% | -0.30% | |
| JPY | -0.21% | -0.18% | 0.23% | -0.38% | -0.45% | -0.54% | -0.09% | |
| CAD | 0.18% | 0.18% | 0.61% | 0.38% | -0.02% | -0.16% | 0.31% | |
| AUD | 0.23% | 0.22% | 0.65% | 0.45% | 0.02% | -0.11% | 0.34% | |
| NZD | 0.33% | 0.33% | 0.77% | 0.54% | 0.16% | 0.11% | 0.45% | |
| CHF | -0.10% | -0.09% | 0.30% | 0.09% | -0.31% | -0.34% | -0.45% |
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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