Nzdusd Outlook Remains Bullish

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Nzdusd Outlook Remains Bullish

Nzd/Usd Outlook Remains Bullish, Spot Up By 1.55%

NZD/USD gained 1.55% during Friday's session and touched a high of 0.6235. After a good bullish move on Friday, the NZD/USD pair ended the week on a bullish note.

The recent upside has also allowed the NZD/USD to get out of its consolidation phase in the short-term. However, the NZD/USD pair now faces another resistance near the 0.6250 handle.

Nzd/Usd Faces Next Resistanece At 0.6250

Once the NZD/USD pairs break the 0.6250 resistance, it will mean a run-up to the next target at 0.6300. It is important to note that the 0.6300 is also a strong support and has the capability to stop any NZD advance.

On the D1 chart of NZD/USD, the RSI is near the 70 level, which is a sign of strong bullish pressure. However, it also hints at consolidation or even a technical correction to cool down the extreme RSI readings.

The MACD indicator on the NZD/USD also shows green bars, which shows that the trend also favors the bulls. Additionally, the volume has also increased in the last few sessions. So that's also a hint that the NZD bulls will continue to aim for more bullish targets.

The bottom line is that NZD/USD is bullish and faces the next resistance near 0.6255. A move above this level will allow the NZD bulls to test the 0.6300 handle. If we look at the downside, the nearest support is located at 0.6200, followed by the next one at 0.6150.

If the USD bulls manage to push the NZD/USD lower towards 0.6150, it will mean a revisit to 0.6100. However, the chances of NZD/USD moving towards its support levels are slim as compared to the pair hitting its next bullish targets.

The reason? The Fed is on the brink of changing its policy and will start its rate-cutting cycle after several years of rate hikes. Meanwhile, there is no sense of urgency when we look at the RBNZ.

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