NZD/USD Price Forecast: Holds position above 0.6200 near support at 14-day EMA

• NZD/USD could test the nine-day EMA at 0.6210, followed by the seven-month high of 0.6247.
• The 14-day RSI remains above the 50 level, confirming a persistent bullish trend.
• The immediate support appears around the psychological level of 0.6200, aligned with the 14-day EMA at 0.6190.

NZD/USD retraces its recent gains, trading around 0.6210 during the Asian hours on Friday. On the daily chart, the pair treks above the lower boundary of the ascending channel, which supports a bullish outlook. A move below the lower boundary could weaken the bullish sentiment.

The 14-day Relative Strength Index (RSI) remains above the 50 level, signaling a persistent bullish trend. Furthermore, the nine-day Exponential Moving Average (EMA) is above the 14-day EMA, indicating that the NZD/USD pair is experiencing short-term upward momentum and is expected to continue its rise.

On the upside, the NZD/USD pair faces immediate resistance near the nine-day EMA at 0.6210, with further resistance at the seven-month high of 0.6247 recorded on August 21. A break above this level could drive the pair toward the upper boundary of the ascending channel, around 0.6350.

For support, the NZD/USD pair may test the 14-day EMA at the 0.6190 level, which aligns with the lower boundary of the ascending channel. A drop below this level could diminish the bullish bias and drive the pair toward the psychological level of 0.6100.

NZD/USD: Daily Chart