The NZD/USD pair has shown a positive trend as it closed above the 20 SMA support at 0.6120, indicating bullish momentum. The pair tested resistance around the 0.6150 level, showing signs of strength in the market.
On Friday, the NZD/USD pair gained 0.40% to 0.6050, closing above the 20, 100, and 200-day Simple Moving Averages (SMA). The Relative Strength Index (RSI) is at 57, suggesting an increase in buying pressure. The Moving Average Convergence Divergence (MACD) is also showing decreasing red bars, pointing towards a weakening bearish trend.
In terms of technical levels, resistance is seen at 0.6150-0.6170, with further resistance at 0.6200. A clear break above these levels could confirm the bullish dominance in the market. On the downside, support is found near the 20-day SMA at 0.6120, followed by the important level of 0.6070. A break below these support levels could indicate a stronger selling pressure and a potential downward correction.
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Overall, the NZD/USD pair has shown strength in the market, with bullish momentum gaining control as it closed above critical resistance levels. Traders and investors should continue to monitor the technical levels and market conditions for potential trading opportunities.
