The NZD/USD pair experienced significant volatility during Friday’s trading session, ultimately wiping out all its daily gains. Initially, the pair surged to approximately 0.5970, close to the 20-day Simple Moving Average (SMA), before retracing to around 0.5850. It then made a slight recovery to 0.5855, suggesting that while the bulls have limited strength, the bears remain in control, although a correction may be imminent as indicators approach oversold conditions.
Currently, the technical indicators present a mixed outlook for the NZD/USD pair. The Relative Strength Index (RSI) indicates a recovery in buying pressure as it nears the oversold territory with a noticeable upward slope. In contrast, the Moving Average Convergence Divergence (MACD) shows flat selling pressure, as reflected in its stable and negative histogram. Despite these conflicting indicators, the overall sentiment still leans toward bearishness.
Support levels are identified at 0.5900, 0.5850, and 0.5800, while resistance levels are positioned at 0.5950, 0.6000, and 0.6050.
NZD/USD DAILY CHART
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