NZD/USD Price Analysis: Bulls push higher as pair eyes 100-day SMA

NZD/USD rises more than 1% on Friday, reaching its greatest level considering that late January.
The set extends gains above 0.5730, setting its sights on the 100-day SMA at 0.5825.

The NZD/USD set rallied on Friday, leaping to 0.5735 and marking a fresh multi-week high. This bullish relocation enhances the set’s healing from current lows and recommends a prospective shift in belief as purchasers go for greater levels. The next considerable technical obstacle now lies at the 100-day Simple Moving Typical (SMA) near 0.5825, a crucial level that might figure out whether the rally has more space to extend.

Momentum indications are turning more useful. The Relative Strength Index (RSI) has actually climbed up greatly to 64, showing increased purchasing pressure and suggesting that the set is approaching overbought conditions. On the other hand, the Moving Typical Merging Divergence (MACD) pie chart stays flat, meaning a mindful uptrend that might require more verification before a continual breakout.

Looking forward, if NZD/USD clears the 100-day SMA at 0.5825, the next resistance level emerges at 0.5860, a previous support-turned-resistance zone. On the disadvantage, instant assistance lies at 0.5700, with a much deeper retracement possibly targeting 0.5660, where purchasers might seek to return to.