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14 Aug 2024

NZD/USD Price Analysis: Rally continues, 0.6100 eyed

  • NZD/USD rises further, bullish momentum accelerates.
  • RSI remains in positive territory, MACD shows rising bullish momentum.
  • The 0.6100 zone  (200-day SMA) resistance is in focus, break above could extend gains.

In Tuesday's session, the NZD/USD pair rose by 0.92% to 0.6090, continuing the bullish trend seen in recent sessions. The technical indicators suggest that the bulls have gained the upper hand and a further rise towards 0.6100 where the 200-day Simple Moving Average (SMA) converges is likely.

The Relative Strength Index (RSI) remains in positive territory, currently at 64. This indicates that the bullish momentum is still strong, and there is room for further gains. The Moving Average Convergence Divergence (MACD) is also showing increasing bullish momentum, with rising green bars signaling increasing upside potential.

NZD/USD daily chart

On the daily chart, the NZD/USD pair is facing immediate resistance at 0.6100. A break above this level could open the door for a deeper rally towards 0.6150 and 0.6200. On the downside, support lies at 0.6000 and 0.5950. A break below 0.5950 could trigger a deeper pullback.

 

In the near term, the NZD/USD pair is expected to remain under bullish pressure. The technical indicators suggest that the bulls have gained the upper hand as they seem to have bottomed at early August around 0.5860 and now seems to be the buyer's time.

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