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25 Jan 2024

NZD/USD Price Analysis: Recovers its intraday losses, extends gains to near 0.6120

  • NZD/USD continues its winning streak on improved risk appetite.
  • A breach below 0.6100 could lead the pair to retest January’s low at 0.6062.
  • The area around the 23.6% Fibonacci retracement at 0.6142 and the 14-day EMA at 0.6150 could act as a resistance zone.

NZD/USD recovers its intraday losses, extending its winning streak for the third successive session, trading around 0.6120 during the European session on Thursday. However, the NZD/USD pair might have faced downward pressure due to the moderate Consumer Price Index data from New Zealand released on Wednesday but the improved risk appetite has neutralized its impact, which in turn, acts as a tailwind for the Kiwi pair.

The NZD/USD pair could find the resistance zone around the 23.6% Fibonacci retracement at 0.6142 followed by the major barrier at the 14-day Exponential Moving Average (EMA) of 0.6150. A breakthrough above the resistance zone could provide support for the pair, leading to a 38.2% Fibonacci retracement at 0.6191 followed by the psychological level at 0.6200.

The technical analysis for the NZD/USD pair indicates a bearish sentiment in the market. The Moving Average Convergence Divergence (MACD) line is placed below the centerline, showing divergence below the signal line.

Furthermore, the lagging indicator 14-day Relative Strength Index (RSI) is positioned below the 50 level, suggesting a confirmation of a weaker momentum for the NZD/USD pair.

On the downside, immediate support for the NZD/USD pair is identified at the psychological level of 0.6100. A decisive break below this level could exert downward pressure, leading the pair to revisit January’s low at 0.6062, followed by a significant support level at 0.6050.

NZD/USD: Daily Chart:

 

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