NZD/USD Price Forecast: Holds position above nine-day EMA near 0.6200

• NZD/USD may appreciate as daily chart analysis indicates a bullish bias.
• The upper boundary of the ascending channel at 0.6280 appears as the immediate resistance.
• The pair may find the support around the nine-day EMA at 0.6189 level.

NZD/USD trades around 0.6210 during the Asian session on Thursday. On the daily chart, the pair is consolidating within an ascending channel pattern, indicating a bullish bias. However, a break below the lower boundary of the channel could diminish this bullish sentiment.

The 14-day Relative Strength Index (RSI) remains above the 50 level, confirming the ongoing bullish trend. Additionally, the nine-day Exponential Moving Average (EMA) is above the 50-day EMA, suggesting that the NZD/USD pair is experiencing short-term upward momentum and is likely to continue its rise.

On the upside, the NZD/USD pair may test the upper boundary of the ascending channel at the 0.6280 level, followed by the eight-month high of 0.6302 recorded on September 3. A break above this high could drive the pair toward the psychological level of 0.6300.

On the downside, the NZD/USD pair might test immediate support around the nine-day EMA at the 0.6189 level, which is near the lower boundary of the ascending channel. A break below this channel could weaken the bullish sentiment and put pressure on the pair to approach the 50-day EMA at 0.6128.

NZD/USD: Daily Chart