Bulls are rebounding and trying to regain the 20-day SMA

• NZD/USD has been trading choppily in a range between 0.6120 and 0.6200 in recent sessions.
• The RSI is in positive territory with an upward slope, suggesting that buying pressure is building.

On Monday, NZD/USD rose 0.70% to 0.6200 as bulls took control of the market. The pair has been trading choppy in a range between 0.6120 and 0.6200 in recent trading sessions. That said, if the bulls win the 20-day simple moving average (SMA) consolidating above 0.6200, it could be considered a buy signal.

The Relative Strength Index (RSI) is currently at 56, which is in positive territory and has an upward slope, suggesting that bulls are gaining momentum. However, the Moving Average Convergence Divergence (MACD) has printed falling red bars, a sign of a potential bearish momentum reversal. This is in line with recent price action that shows the bulls are pushing back.

NZD/USD Daily Chart

Key support levels to watch are 0.6120, 0.6140 and 0.6160, while resistance levels are 0.6200, 0.6220 and 0.6240. A consolidation above the 0.6200 area would put the pair back above the 20,100 and 200-day SMAs, which could trigger further upside moves.