NZD/USD Holds Steady Near 0.5870 as Buyers Defend Recent Gains
The New Zealand dollar has held steady against the US dollar near 0.5870, maintaining its bullish technical bias as buyers continue to defend recent gains.
Despite mixed risk sentiment, traders are keeping a close eye on key resistance levels for the next directional move. The NZD/USD pair remains above its 20-day moving average, indicating short-term upward momentum.
Immediate support is seen at 0.5840, followed by the 0.5800 psychological level, while resistance stands at 0.5900 and then 0.5950. A sustained break above 0.5900 could open the door for further gains toward 0.6000.
The pair's momentum indicators, such as the Relative Strength Index (RSI), remain in bullish territory, suggesting room for additional upside. The NZD/USD has been forming higher lows since early March, a pattern that typically indicates buyer control.