Bulls are trying to retrace the 20-day SMA, the outlook is promising

• The NZD/USD pair has been choppy between 0.6159-0.6260 in the past sessions.
• The RSI shows increasing buying pressure, while the MACD suggests a potential bearish momentum reversal.

On Thursday, the NZD/USD pair climbed to 0.6239, above the 20-day simple moving average (SMA), which has served as strong resistance in recent sessions. Meanwhile, the indicators look promising.

The Relative Strength Index (RSI) is at 59 in positive territory with an upward slope, signaling increasing buying pressure. Conversely, the MACD (Moving Average Convergence Divergence) histogram is red and falling, suggesting that selling pressure may be on the wane. This presents a mixed outlook for the pair.

NZD/USD Daily Chart

Key support levels include 0.6150, 0.6120 and 0.6100, while resistance levels are 0.6190, 0.6200 and 0.6230. A close above the 20-day SMA, currently at 0.6200, could signal another upward move, with the next target being the early September highs near 0.6300.