On Wednesday's session, the NZD/USD retreated to 0.6160 after hitting a high above 0.6200, as it failed to sustain its gains and consolidated in a narrow range around that level.
NZD/USD failed to extend its gains and consolidated in a narrow range around 0.6160. The RSI has fallen back to 64, while the MACD is now showing flat green bars, indicating that the bullish momentum is slowing down. A break below 0.6130 could lead to a further decline towards 0.6100. On Wednesday's session, the NZD/USD retreated to 0.6160 after hitting a high above 0.6200, as it failed to sustain its gains and consolidated in a narrow range around that level.
On the daily chart, the Relative Strength Index has fallen back to 64, while the Moving Average Convergence Divergence is now showing flat green bars. These indicators suggest that the bullish momentum is slowing down. The volume has been decreasing over the past few sessions, suggesting that the current consolidation is likely to continue. NZD/USD daily chart The NZD/USD pair is facing immediate resistance at 0.6170.
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