NZD/USD Price Forecast: Holding above 0.6250, the lower boundary of the ascending channel

  • NZD/USD is gaining ground while holding its position within an ascending channel pattern.
  • The 14-day RSI remains above the 50 level, supporting the notion of an ongoing uptrend.
  • A break below the ascending channel would weaken the ongoing bullish bias.

The NZD/USD pair is recovering its recent losses from the previous session, trading around 0.6280 during the early European hours of Thursday. On the daily chart, the pair is testing the lower boundary of the ascending channel pattern. A successful break below the ascending channel would weaken the ongoing bullish bias.

However, the 14-day Relative Strength Index (RSI) remains above the 50 level, confirming that the ongoing uptrend is intact. Additionally, the nine-day Exponential Moving Average (EMA) is positioned above the 50-day EMA, suggesting that the short-term price trend is stronger for the NZD/USD pair.

On the upside, the NZD/USD pair could explore the region around the upper boundary of the ascending channel at the level of 0.6380. A break above the upper boundary could strengthen the bullish bias and support the pair to revisit the 15-month high of 0.6409, recorded in December 2023.

In terms of support, the NZD/USD pair could test the immediate nine-day exponential moving average (EMA) at the level of 0.6251. A break below this level could weaken the bullish sentiment and push the pair to approach the 50-day EMA at the level of 0.6156, followed by its five-week low of 0.6106.

NZD/USD: Daily Chart

New Zealand Dollar PRICE Today

The table below shows the exchange rate of the New Zealand Dollar (NZD) against major currencies today. The New Zealand Dollar was the strongest currency against the Swiss Franc.

USD EUR GBP JPY CAD AUD NZD CHF
USD -0.22% -0.23% 0.00% -0.16% -0.65% -0.40% 0.05%
EUR 0.22% -0.02% 0.23% 0.06% -0.43% -0.18% 0.27%
GBP 0.23% 0.02% 0.19% 0.08% -0.41% -0.18% 0.27%
JPY 0.00% -0.23% -0.19% -0.14% -0.66% -0.42% 0.02%
CAD 0.16% -0.06% -0.08% 0.14% -0.48% -0.24% 0.19%
AUD 0.65% 0.43% 0.41% 0.66% 0.48% 0.26% 0.68%
NZD 0.40% 0.18% 0.18% 0.42% 0.24% -0.26% 0.43%
CHF -0.05% -0.27% -0.27% -0.02% -0.19% -0.68% -0.43%

The heatmap shows percentage changes of major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the chart will represent the NZD (base)/USD (quote).

Source: Fx Street

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