The NZD/USD pair has been following a bearish trend, but there are signs of a slight uptrend developing. The pair reached 0.5960 towards the end of the week, showing slightly higher highs and lows. This, along with a handle-like pattern forming, suggests a potential bullish rally in the near future.
Although the daily Relative Strength Index (RSI) has mostly been below the mid-point, recent trading sessions have seen some recovery with the index surpassing the 40-threshold mark. While the overall trend is bearish, this uptick in the RSI indicates the possibility of bullish sentiment in upcoming sessions.
The Moving Average Convergence Divergence (MACD) remains below the signal line, but the decreasing red bars in the histogram could signal a forthcoming bullish crossover.
The pair has established solid support levels at 0.5760, 0.5800, and 0.5850, while facing resistance at 0.5980, 0.6000, and 0.6030.
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