NZD/USD recovers recent losses from the previous session, trading around 0.6220 during Tuesday’s European hours.
NZD/USD could test the seven-month high of 0.6247 due to the bullish bias that prevails. The nine-day EMA is positioned above the 50-day EMA, signaling short-term upward momentum to prevail. If the 14-day RSI surpasses the 70 level, it could signal that the pair is overbought and a potential short-term correction. On the daily chart, the pair is moving higher within the upper boundary of an ascending channel, supporting a bullish outlook.
A break below this could weaken the bullish bias, potentially leading the pair to test the lower boundary of the ascending channel at 0.6070, followed by the 50-day EMA at 0.6064. If the pair breaches the latter, a bearish sentiment may emerge, putting pressure on the NZD/USD to move toward the throwback support region around the 0.5850 level.
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