Bulls struggle to sustain gains, neutral outlook

• NZD/USD failed to extend its gains and consolidated in a tight range around 0.6160.
• The RSI has dropped back to 64, while the MACD is now showing flat green bars, indicating that bullish momentum is slowing.
• A break below 0.6130 could lead to a further decline towards 0.6100.

In Wednesday’s session, NZD/USD retreated to 0.6160 after hitting a high above 0.6200 as it failed to hold on to its gains and consolidated in a tight range around that level.

On the daily chart, the Relative Strength Index (RSI) has dropped back to 64, while the Moving Average Convergence Divergence (MACD) is now showing flat green bars. These indicators suggest that the bullish momentum is slowing. Volume has decreased in recent sessions, suggesting that the current consolidation will continue.

NZD/USD Daily Chart

NZD/USD faces immediate resistance at 0.6170. A consolidation above this level could open the door for a new rally to retest the 0.6200 area. On the downside, immediate support is in the 0.6130 and 0.6150 range. A break below 0.6130 could lead to a further decline towards 0.6100.