- NZD/USD advances on Friday, holding above the crucial 0.5700 level.
- The set preserves its uptrend, supported by bullish technical indications.
- Focus stays on whether momentum can press the set towards the next resistance level at 0.5750.
The NZD/USD set continued its upward trajectory on Friday, increasing by 0.44% to settle at 0.5705 and mantains its footing above its 20-day Simple Moving Typical (SMA). This marks a stable extension of the bullish momentum observed given that mid-January, which was started by a breakout above the 0.5600 level. While small pullbacks previously in the week showed possible profit-taking, the set has actually preserved its position above 0.5700, signifying strong purchasing interest. On the unfavorable side, the set stopped working to sustain its intraday push near 0.5800.
Technical indications line up with the set’s favorable outlook. The Relative Strength Index (RSI) has actually climbed up dramatically to 63, securely in favorable area, recommending healthy upward momentum and space for more gains. On the other hand, the Moving Typical Merging Divergence (MACD) pie chart reveals flat green bars, suggesting continual purchasing pressure regardless of a momentary time out in velocity.
Immediate resistance is now seen at 0.5750, a level that might serve as an entrance for the set to intend greater. On the drawback, assistance is discovered at 0.5670, followed by a more robust flooring around 0.5640. As long as the set remains above these assistance levels, the bullish trajectory stays undamaged, with capacity for more gratitude in the near term.
NZD/USD everyday chart
Source: FXstreet.