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- NZD/USD Price Analysis: Consolidation phase continues as bulls struggle to gain ground
NZD/USD Price Analysis: Consolidation phase continues as bulls struggle to gain ground
- The NZD/USD holds in consolidation after a sharp mid-May rise.
- Buyers struggle to breach the 0.6220 area.
- Indicators remain in positive territory on the daily chart, though momentum points downward.
The NZD/USD rose to a high of 0.6217 before stabilizing at 0.6170. The upward momentum of this pair has encountered resistance in the 0.6220 area, with attempts to breach this level remaining unsuccessful.
In the daily chart, the Relative Strength Index (RSI) stands at 56 but points down suggesting a slight decline in buying pressure. This decrease in the RSI is consistent with the presence of flat red bars on the Moving Average Convergence Divergence (MACD), reinforcing the ongoing consolidation pattern.
NZD/USD daily chart
NZD/USD continues to show strong signs of consolidation with its 20-day Simple Moving Average (SMA) forming the immediate support at 0.6140. Furthermore, the convergence of the 100 and 200-day SMAs in the 0.6050-0.6060 region continues to act as a robust support base for the pairing. This may serve as a trajectory for correction if a bearish trend emerges. Any movements below this point of convergence could be considered a sell signal.
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