NZD/USD continues to gain ground for the second consecutive day, which could be attributed to the dovish remarks by the Federal Reserve.
NZD/USD could test the psychological support of 0.6100 on Thursday. Technical analysis indicates a bearish momentum for the pair. The area around the 23.6% Fibonacci retracement level and the 21-day EMA could act as a resistance zone. The pair trades above the psychological support of 0.6100 during the early European session on Thursday. A decisive move below this level could exert downward pressure on the NZD/USD pair to navigate the area around the major support of 0.6050.
Furthermore, the 14-day Relative Strength Index is below the 50 level, providing additional confirmation of the bearish sentiment. On the upside, the NZD/USD pair could find a key barrier lies at the 23.6% Fibonacci retracement level at 0.6115, aligned with the 21-day Exponential Moving Average at 0.6118. The pair could face further resistance barriers if it climbs higher, with key levels anticipated at 0.6150. NZD/USD: Daily Chart NZD/USD Overview Today last price 0.6106 Today Daily Change 0.
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NZD/USD IG Client Sentiment: Our data shows traders are now net-short NZD/USD for the first time since Feb 27, 2024 18:00 GMT when NZD/USD traded near 0.62.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZD/USD-bullish contrarian trading bias.
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