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17/09/25
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NZD/USD Maintains Bullish Outlook Amid Short-Term Pullback
The New Zealand dollar against the US dollar has experienced a slight decline following two days of upward movement, with the pair currently trading near 0.5970 during European trading hours. Despite this short-term pullback, technical indicators suggest that the bullish trend remains intact.
Analyzing the daily chart reveals a strengthening upward bias, characterized by the pair’s position within an ascending channel pattern. The price remains comfortably above the nine-day exponential moving average at approximately 0.5951, supporting continued upside momentum. Moreover, the 14-day Relative Strength Index is comfortably above the neutral 50 threshold, signaling sustained buying pressure.
Looking ahead, resistance levels have been identified at key psychological and technical points. The first barrier is anticipated around the 0.6000 level, a significant psychological level, with further upside potential toward the upper boundary of the ascending channel near 0.6010. A decisive move above this level could bolster the bullish outlook and encourage the pair to challenge the 11-month high of 0.6121 recorded in early July.
On the downside, initial support is expected at the nine-day EMA, around 0.5951. Should the pair slide below this level, the next key support lies at the 50-day EMA near 0.5932. A sustained move below this level could dampen bullish sentiment and lead to a decline toward the lower boundary of the ascending channel, at approximately 0.5870.
Overall, technical conditions favor a cautiously optimistic outlook for NZD/USD, with the potential for further gains should key resistance levels be breached, while support levels remain intact to provide a buffer against short-term declines.
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