Technical pullback on horizon to consolidate gains

• NZD/USD showing signs of technical pullback, RSI still near 70.
• The MACD histogram is printing lower green bars, indicating a bearish momentum.

NZD/USD is showing signs of a technical pullback, trading at 0.6235, down 0.25% on the day, with technical indicators suggesting a potential near-term consolidation.

The Relative Strength Index (RSI) is currently at 63, indicating that the pair is trading close to the overbought zone and is biased downward. The Moving Average Convergence Divergence (MACD) is printing lower green bars, also signaling that bullish power is weakening.

NZD/USD Daily Chart

Looking at the daily chart, the NZD/USD pair is facing resistance at the 0.6270 level. A break above this level could open the door for further gains. On the downside, the pair faces support at the 0.6200 level. A break below this level could turn the tide in favor of the bears. Overall, the technical outlook remains positive, but bullish traction needs to take a breather after pushing the pair to multi-month highs last week, which favors a brief period of consolidation before the next upward leg.