Forex
NZD/USD Bulls Defend Trendline Above 0.5900
The NZD/USD exchange rate remains in an upward trend, supported by a rising trendline drawn from July lows. The price has held above this trendline, which it has tested three times, and buyers are stepping in to defend the area around 0.5900.
According to technical analysis, the Relative Strength Index (RSI) remains bullish, indicating further upside potential for the NZD/USD pair. To confirm a bullish continuation, the price must reclaim the 0.5950 area and then break above 0.6000.
If the NZD/USD breaks above 0.6000, it could expose the February 12 high at 0.6077 and potentially reach the yearly peak of 0.6094 ahead of 0.6100. On the downside, the first support is the trendline near 0.5901, followed by 0.5850.