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NZD/USD PRICE FORECAST: MOVES ABOVE 0.6250, BARRIER APPEARS AROUND 15-MONTH HIGHS

Wulan Viana
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  • NZD/USD may approach its 15-month high of 0.6409 level.
  • The analysis of a daily chart suggests an ongoing bullish bias for the pair.
  • A nine-day EMA at 0.6293 appears as the support, which is aligned with the lower boundary of the ascending channel.

NZD/USD extends its winning streak for the third successive day, trading around 0.6360 during the early European hours on Monday. On the daily chart, the pair is moving upward within the ascending channel pattern, suggesting an ongoing bullish bias.

Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 level, confirming an ongoing bullish sentiment. The RSI may appreciate toward the 70 mark, suggesting a potential for further gains.

Additionally, the nine-day Exponential Moving Average (EMA) is positioned above the 50-day EMA, suggesting the short-term price trend is stronger for the NZD/USD pair.

On the upside, the NZD/USD pair may explore the area around its 15-month high of 0.6409 level, recorded in December 2023, aligned with the upper boundary of the ascending channel.

In terms of support, the NZD/USD pair may test the nine-day Exponential Moving Average (EMA) at the 0.6292 level, aligned with the lower boundary of the ascending channel.




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