NZD/USD continues its winning streak on improved risk appetite.
A breach below 0.6100 could lead the pair to retest January’s low at 0.6062.
The area around the 23.6% Fibonacci retracement at 0.6142 and the 14-day EMA at 0.6150 could act as a resistance zone.
NZD/USD recovers its intraday losses, extending its winning streak for the third successive session, trading around 0.6120 during the European session on Thursday. However, the NZD/USD pair might have faced downward pressure due to the moderate Consumer Price Index data from New Zealand released on Wednesday but the improved risk appetite has neutralized its impact, which in turn, acts as a tailwind for the Kiwi pair.
The NZD/USD pair could find the resistance zone around the 23.6% Fibonacci retracement at 0.6142 followed by the major barrier at the 14-day Exponential Moving Average (EMA) of 0.6150. A breakthrough above the resistance zone could provide support for the pair, leading to a 38.2% Fibonacci retracement at 0.6191 followed by the psychological level at 0.6200.
The technical analysis for the NZD/USD pair indicates a bearish sentiment in the market. The Moving Average Convergence Divergence (MACD) line is placed below the centerline, showing divergence below the signal line.
Furthermore, the lagging indicator 14-day Relative Strength Index (RSI) is positioned below the 50 level, suggesting a confirmation of a weaker momentum for the NZD/USD pair.
On the downside, immediate support for the NZD/USD pair is identified at the psychological level of 0.6100. A decisive break below this level could exert downward pressure, leading the pair to revisit January’s low at 0.6062, followed by a significant support level at 0.6050.
NZD/USD: Daily Chart:
-638417725896818041.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXStreet – https://www.fxstreet.com/news/nzd-usd-price-analysis-recovers-its-intraday-losses-extends-gains-to-near-06120-202401250944
