NZD/USD PRICE FORECAST: HOLDS POSITION ABOVE NINE-DAY EMA NEAR 0.6200
- NZD/USD may appreciate as daily chart analysis indicates a bullish bias.
- The upper boundary of the ascending channel at 0.6280 appears as the immediate resistance.
- The pair find the support around the nine-day EMA at 0.6189 level.
NZD/USD trades around 0.6210 during the Asian session on Thursday. On the daily chart, the pair is consolidating within an ascending channel pattern, indicating a bullish bias. However, a break below the lower boundary of the channel could diminish this bullish sentiment.
The 14-day Relative Strength Index (RSI) remains above the 50 level, confirming the ongoing bullish trend. Additionally, the nine-day Exponential Moving Average (EMA) is above the 50-day EMA, suggesting that the NZD/USD pair is experiencing short-term upward momentum and is likely to continue its rise.
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