NZD/USD Bulls Eye 0.6000 after Momentum Shift

The momentum in the NZD/USD pair has shifted bullish, according to TMGM trading. The Relative Strength Index (RSI) is now aiming towards overbought territory, which could indicate a potential extreme uptrend.

If the currency pair clears 0.5900, the next stop is likely at the May 29 high of 0.5995. Above that lies the psychological level of 0.6000, followed by the February 12 daily peak of 0.6077 and then the yearly peak of 0.6094.

On the other hand, the first support level is at 0.5850, with the confluence of the 100- and 200-day SMAs at around 0.5821/23 serving as a crucial floor. Below that lies the 50-day SMA at 0.5790.