NZD/USD Price Forecast: Tests nine-day EMA support near 0.6000

NZD/USD may find initial resistance at the eight-month high of 0.6081.
The 14-day Relative Strength Index remains above the 50 mark, indicating a prevailing bullish sentiment.
The nine-day EMA of 0.6019 acts as the immediate support.

Akhtar Faruqui FXStreet

NZD/USD is extending its losses for the second successive session, trading around 0.6020 during the European hours on Thursday. The technical analysis of the daily chart suggests a bullish bias as the pair moves upwards within an ascending channel pattern.

However, the short-term price momentum is stronger as the NZD/USD pair remains slightly above the nine-day Exponential Moving Average (EMA). Additionally, the bullish bias strengthens as the 14-day Relative Strength Index (RSI) is maintaining its position above the 50 mark.

The NZD/USD pair may target the eight-month high of 0.6081, which was marked on June 5. A successful breach above this level may reinforce the bullish bias and support the pair to test the upper boundary of the ascending channel around 0.6180. A break above this crucial resistance zone may open the doors for the pair to explore the region around the eight-month high of 0.6350, marked in October 2024.

On the downside, the immediate support appears at the nine-day EMA of 0.6019, followed by the ascending channel’s lower boundary around 0.6000. A break below the channel could cause the emergence of the bearish bias and put downward pressure on the NZD/USD pair to approach the 50-day EMA at 0.5925.

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 weakest against the Swiss Franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.41%	-0.02%	-0.49%	-0.02%	0.25%	0.13%	-0.74%
EUR	0.41%		0.40%	-0.12%	0.38%	0.64%	0.55%	-0.31%
GBP	0.02%	-0.40%		-0.53%	-0.01%	0.23%	0.13%	-0.72%
JPY	0.49%	0.12%	0.53%		0.49%	0.74%	0.59%	-0.22%
CAD	0.02%	-0.38%	0.01%	-0.49%		0.27%	0.14%	-0.71%
AUD	-0.25%	-0.64%	-0.23%	-0.74%	-0.27%		-0.09%	-0.97%
NZD	-0.13%	-0.55%	-0.13%	-0.59%	-0.14%	0.09%		-0.86%
CHF	0.74%	0.31%	0.72%	0.22%	0.71%	0.97%	0.86%

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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