On Friday, the NZD/USD pair displayed a notable upward movement, successfully climbing above the significant 0.5700 threshold. The momentum was backed by encouraging technical indicators, sustaining the positive trend. The big question now is whether it can gather enough steam to make a run toward the next hurdle at 0.5750.
Throughout Friday, NZD/USD saw a rise of 0.44%, settling at 0.5705 and comfortably staying above its 20-day Simple Moving Average (SMA). This continued the bullish momentum that has been gaining ground since mid-January after it surpassed the 0.5600 mark. Though there were minor setbacks earlier this week, likely due to traders booking profits, the currency pair managed to hold its ground above 0.5700, indicating strong buying interest. However, it did struggle to maintain its upward push close to 0.5800 intraday.
The technical indicators are staying bullish. Notably, the Relative Strength Index (RSI) has jumped to 63, landing firmly in the positive zone. This suggests that there’s still some leeway for more upward movement. Meanwhile, the MACD histogram is showing steady green bars, reflecting ongoing buying interest even as the pace has temporarily steadied.
We are now eyeing immediate resistance at 0.5750, a level that could potentially open the door for more gains. If the pair dips, we see support at 0.5670, with a stronger safety net at 0.5640. As long as the pair holds above these supports, the bullish pattern looks solid and might continue to rise in the short term.
