- NZD/USD continues to rise, upward momentum is accelerating.
- RSI remains in positive territory, MACD shows increasing bullish momentum.
- The resistance in the 0.6100 zone (200-day SMA) is in focus, a break above it could extend the gains.
In Tuesday’s session, the NZD/USD pair rose 0.92% to 0.6090, extending the uptrend seen in recent sessions. Technical indicators suggest that bulls have gained the upper hand and a further rise towards 0.6100, where the 200-day SMA (Simple Moving Average) converges, is likely.
The Relative Strength Index (RSI) remains in positive territory and is currently at 64, indicating that the upside momentum is still strong and there is room for further gains. The Moving Average Convergence Divergence (MACD) is also showing increasing upside 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 doors for a stronger 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 sharper pullback.
In the short term, the NZD/USD pair is likely to remain under upward pressure. Technical indicators suggest that bulls have gained the upper hand as they appear to have bottomed out at around 0.5860 in early August and now seems to be the time for buyers to step in.
