NZD/USD Forecast: Holds bullish bias near 0.5900, one-month high
The post NZD/USD Forecast: Holds bullish bias near 0.5900, one-month high appeared on BitcoinEthereumNews.com.
The NZD/USD pair struggles to capitalize on its intraday move up to over a one-month high, though it retains its positive bias for the fourth straight day on Thursday. Spot prices trade just above the 0.5900 mark during the early European session and seem poised to prolong the recent uptrend witnessed over the past two weeks or so. Despite the diplomatic efforts, the Strait of Hormuz and Israeli strikes on Lebanon remain key points of contention between the US and Iran. This, in turn, assists the safe-haven US Dollar (USD) to recover slightly from its lowest level since late February and turns out to be a key factor capping the upside for the NZD/USD pair. However, the optimism over a potential US-Iran peace talks remains supportive of the upbeat market mood, which, along with the upbeat Chinese macro data released earlier today, should act as a tailwind for the Kiwi. The NZD/USD pair last week confirmed a bullish breakout through the 0.5835-0.5840 confluence – comprising the 200-period Simple Moving Average (SMA) on the 4-hour chart and the 38.2% Fibonacci retracement level of the January-April downfall. A subsequent move beyond the 50% Fibo. retracement levels and the 0.5900 round figure validate the near-term positive outlook, suggesting that any meaningful corrective slide could be seen as a buying opportunity. This, in turn, should limit the downside and warrant caution for bearish traders. Meanwhile, the Relative Strength Index (RSI) around 67 stays in bullish territory but shy of extreme overbought conditions. That said, a flat, slightly negative Moving Average Convergence Divergence (MACD) histogram hints that upside momentum is moderating rather than reversing. In the meantime, the 50% retracement at 0.5887 could offer the initial support, followed by a dense demand zone around 0.5838 and the 200-period SMA at 0.5833. A convincing break below…
Filed under: News - @ April 16, 2026 8:26 am