Bulls take charge, still need to conquer 0.6000
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Pair breaks out of the 0.5900-0.5950 range, but momentum still remains weak. RSI and MACD show improving signs. Resistance at 0.6000 becomes the target as support shifts to 0.5950. On Tuesday, the NZD/USD pair extended its gains, rising by 0.35% to 0.5960 and the daily chart shows some favorable signs for the bulls, The daily chart shows that the Relative Strength Index (RSI) has climbed to 42, indicating a mounting buying pressure but the fact that it remains below 50 means that the selling pressure still dominates. The Moving Average Convergence Divergence (MACD) has turned green, confirming the bullish momentum. The overall technical outlook for the NZD/USD remains neutral. The bulls have managed to break above a key resistance level, and the technical indicators are now turning in their favor. If the pair manages to hold above the 0.5950 support level, it could continue its upward trajectory toward the 0.6000 level where the 20-day Simple Moving Average (SMA) converges. A break above this level would confirm but if bulls fail, the selling pressure might resume. NZD/USD Daily chart Source: https://www.fxstreet.com/news/nzd-usd-price-analysis-bulls-take-charge-still-need-to-conquer-06000-202408062156
Filed under: News - @ August 7, 2024 2:16 am