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market analysis

New Zealand dollar/USD remains firm near recent highs as Chinese data and risk appetite sentiment supports New Zealand dollar

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Hello everyone, today XM Forex will bring you "[XM Forex Decision Analysis]: New Zealand dollar/USD remains firm near its recent highs, as Chinese data and risk preferences support the New Zealand dollar." Hope it will be helpful to you! The original content is as follows:

The New Zealand dollar (NZD) rose slightly against the US dollar (USD) on Monday, rebounding from Friday’s decline as broad weakness in the dollar and easing geopolitical tensions boosted risk appetite. As signs of tensions between Israel and Iran may not escalate into greater conflicts are becoming increasingly apparent, traders cut their safe-haven bets, although both sides continue to express their preparations for retaliation, keeping the markets at a certain level.

The New York/USD currency pair approached Friday's high, up about 1% intraday, and last traded around 0.6072 during the US session. The New Zealand dollar also gained support as China's retail sales figures in May were stronger than expected, which improved the demand outlook, as China is New Zealand's largest export market.

From a technical point of view, the NZD/USD maintains a constructive tone. Extensive observations of the daily chart show a good support upward trend since mid-April, with currency pairs continuing to print higher lows and highs. The short-term moving average confirms this bullish tone, with the 21-day index moving average (EMA) at 0.6002, while the 50-day EMA catches up around 0.5936. Price trends repeatedly find buyers near these dynamic support, indicating that buying on dips remains the current dominant strategy.

It is worth noting that the pair formed a bullish flag-shaped breakthrough at the end of May and then resolved upward, providing credibility for the continued trend towards the 0.6200 area as the next goal.

Momentum signals further support bullish bias. The relative strength index (RSI) on the daily chart hovers below 60, indicating a healthy upward trend.Action volume, but overbought status has not been shown. Likewise, the moving average convergence divergence (MACD) indicator remains in the positive area, with its signal line xmserving.comfortably above zero, indicating that bullish momentum may continue in the short term.

Above, the short-term direct resistance level is marked at 0.6080—the limit on the rise in recent trading days. If this barrier is clearly broken, it may pave the way for testing a more important resistance level of 0.6200. If the daily closing exceeds this level, it may open the door for further increase to the 0.6300 area.

Below, the initial support level is at the 21st EMA, close to 0.6002, and the 50th EMA provides stronger support around 0.5936. Decisively breaking below these levels will weaken the recent bullish structure and may cause the pair to fall back to the boundary under the flag-shaped pattern of nearly 0.5850.

Overall, as long as the NZD/USD remains above 0.6000, the overall bias remains a dip, but traders will focus on a solid breakthrough at 0.6080 to confirm new bullish momentum.

The above content is all about "[XM Forex Decision Analysis]: The New York dollar/USD remains firm near the recent highs, because Chinese data and risk preferences support the New York dollar". It is carefully xmserving.compiled and edited by the XM Forex editor. I hope it will be helpful to your trading! Thanks for the support!

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New Zealand dollar/USD remains firm near recent highs as Chinese data and risk appetite sentiment supports New Zealand dollar

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New Zealand dollar/USD remains firm near recent highs as Chinese data and risk appetite sentiment supports New Zealand dollar

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