NZD/USD Price Forecast: Tests descending channel’s upper boundary above 14-day EMA, 0.5900

NZD/USD tests the descending channel’s upper boundary at the 0.5920 level.
The bullish sentiment would be confirmed once the 14-day RSI breaks above the 50 mark.
14- and nine-day EMAs at 0.5892 and 0.5883, respectively, act as immediate supports.

Akhtar Faruqui FXStreet

NZD/USD recovers from its recent losses, trading around 0.5910 during the Asian session on Friday. A closer look at the daily chart suggests a potential shift in momentum from a bearish to a bullish bias, as the pair has broken above the descending wedge pattern. Simultaneously, another descending channel pattern has formed, and a breakout above this channel would further strengthen the bullish outlook.

Additionally, NZD/USD has moved above both the nine- and 14-day Exponential Moving Averages (EMAs), indicating strength in short-term price momentum. However, the 14-day Relative Strength Index (RSI) remains below the 50 level, suggesting that the prevailing bearish sentiment is still in play. A move above the 50 level would confirm a shift to bullish sentiment.

On the upside, NZD/USD is testing the upper boundary of the descending channel pattern at the 0.5920 level. A break above this level could pave the way for the pair to target the psychological 0.6000 level, followed by minor resistance at 0.6038.

Immediate support for NZD/USD lies at the 14- and nine-day EMAs at 0.5892 and 0.5883, respectively. A break below these levels could exert downward pressure on the pair, with the next key "throwback support" level of 0.5850, followed by a two-year low at 0.5772, last seen in November 2023.

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		-0.15%	-0.18%	-0.90%	-0.20%	-0.29%	-0.36%	-0.17%
EUR	0.15%		-0.04%	-0.79%	-0.05%	-0.13%	-0.22%	-0.02%
GBP	0.18%	0.04%		-0.76%	-0.02%	-0.11%	-0.18%	0.01%
JPY	0.90%	0.79%	0.76%		0.73%	0.62%	0.54%	0.74%
CAD	0.20%	0.05%	0.02%	-0.73%		-0.10%	-0.17%	0.03%
AUD	0.29%	0.13%	0.11%	-0.62%	0.10%		-0.07%	0.12%
NZD	0.36%	0.22%	0.18%	-0.54%	0.17%	0.07%		0.19%
CHF	0.17%	0.02%	-0.01%	-0.74%	-0.03%	-0.12%	-0.19%

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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