- The upside potential for the NZD/USD pair appears to be constrained as buyers and sellers compete for dominance.
- The RSI suggests a neutral outlook, while the MACD indicates decreasing selling pressure.
- The intersection of the 100-day and 200-day moving averages could trigger a rally for this pair.
The NZD/USD pair was largely unchanged in Friday’s session and failed to sustain the gains, which led it to a peak around 0.6260 before falling to 0.6240.
The Relative Strength Index (RSI) is 61, in positive territory with a flat slope. This indicates a neutral outlook for the pair as the buying pressure is flat. The Moving Average Convergence Divergence (MACD) histogram is red and descending, suggesting that the selling pressure is decreasing.
NZD/USD Daily Chart
Key support levels are 0.6150, 0.6120, and 0.6100, while resistance levels are 0.6190, 0.6200, and 0.6230. A close above the 20-day SMA, currently at 0.6200, could signal further upside, with the next target being the early September highs near 0.6300. Additionally, traders should monitor the 0.6100 area as the 100- and 200-day SMAs are in a bullish crossover phase. This could serve as a bullish confirmation and could trigger another bullish stretch.