NZD/USD tests the 14-day Exponential Moving Average at the 0.6000 level.
The 14-day RSI remains below the 50 level, indicating an ongoing bearish bias for the pair.
The immediate support appears at the upper boundary of the descending channel, aligned with the nine-day EMA at 0.5984 level.
The NZD/USD pair has recovered its recent losses from the previous session, trading around 0.5990 during the European hours on Thursday. Daily chart analysis indicates a weakening bearish bias, with the pair breaking above the nine-day Exponential Moving Average (EMA), aligned with the lower boundary of the descending channel.
However, the 14-day Relative Strength Index (RSI), a key momentum indicator, remains below the 50 level, suggesting a prevailing bearish trend. A further approach toward the 50 mark would improve the momentum of the NZD/USD pair.
Adding to this outlook, the nine-day Exponential Moving Average remains below the 14-day EMA, suggesting weakness in the short-term price momentum for the NZD/USD pair.
Regarding the resistance, the NZD/USD pair is testing the 14-day EMA at 0.6000 level. A break above this level would improve the price momentum and support the pair to explore the area around the psychological level of 0.6100 level.
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