NZD/USD Price Forecast: Falls toward lower boundary of channel near 0.6150

• NZD/USD could test the lower boundary of the ascending channel around 0.6160 level.
• The nine-day EMA is above the 50-day EMA, indicating that short-term upward momentum is likely to continue.
• A break above the nine-day EMA at 0.6201 level prompts the pair to revisit a seven-month high of 0.6247.

NZD/USD extends losses, trading around 0.6180 during the European hours on Wednesday. On the daily chart, the pair is positioned within the ascending channel, supporting a bullish bias.

Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 level, confirming the overall bullish trend. However, if the RSI breaks the 50 mark, it could signal a potential momentum shift from a bullish to a bearish trend.

The nine-day Exponential Moving Average (EMA) is positioned above the 50-day EMA, signaling that the NZD/USD pair is experiencing short-term upward momentum and is likely to continue rising.

On the upside, the NZD/USD pair may encounter immediate resistance around the nine-day EMA at 0.6201 level, followed by the seven-month high of 0.6247, recorded on August 21. A break above this level could lead the pair to test the upper boundary of the ascending channel at 0.6320,

In terms of support, the NZD/USD pair may test the lower boundary of the ascending channel around the 0.6160 level. A break below this level could weaken the bullish bias and lead the pair to approach the area around the 50-day EMA at 0.6099.

NZD/USD: Daily Chart