NZD/USD Price Forecast: Bulls defend trendline above 0.5900
The NZD/USD is poised to finish Monday’s session virtually unchanged near its opening price, despite a modest 0.08% gain as the US Dollar weakens amid rising tensions in the Middle East. The pair trades above 0.5900.
NZD/USD Price Forecast: Technical Outlook
From a price action standpoint, the NZD/USD remains upward-biased, with the Kiwi Dollar sitting above an upslope support trendline drawn from the July lows, which it has tested three times. Worth noting that the pair is still above that trendline, an indication that buyers are stepping in once the NZD/USD dives to that support level, which could open the door for further upside.
The Relative Strength Index (RSI) remains bullish, indicating further upside.
For a bullish continuation, NZD/USD must reclaim the 0.5950 area, then 0.6000. A decisive breakout could expose the February 12 high at 0.6077, followed by the yearly peak of 0.6094 ahead of 0.6100.
Downwards, the first support is the previously mentioned trendline near 0.5901, followed by 0.5850. Once hurdled, the next stop will be the confluence of the 100- and 200-day SMAs near 0.5847/45 ahead of the 50-day SMA at 0.5818 and 0.5800.
NZD/USD Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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