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NZD/USD rallies toward 0.5900 as risk appetite improves
FXStreet points to NZD/USD clearing the 200-day SMA near 0.5850, with traders looking next for the May 29 high at 0.5995.
The Kiwi dollar extended a three-day rally, pushing NZD/USD above 0.5850 and positioning the pair to challenge 0.5900, according to FXStreet. The move is being supported by improving risk appetite alongside broad US dollar weakness.
FXStreet said clearance of the 200-day Simple Moving Average helps confirm a more bullish market structure. After NZD/USD moved through the combined 100- and 200-day SMAs around 0.5821 to 0.5823, momentum shifted higher, with the pair now poised to hurdle 0.5900.
The analysis highlights upside levels if 0.5900 is cleared, starting with the May monthly high at 0.5995. Above that, FXStreet lists 0.6000, then the February 12 daily peak at 0.6077, before a yearly peak near 0.6094.
On the downside, FXStreet flagged support first at the psychological 0.5850. Below that, the 100- and 200-day SMAs around 0.5821 to 0.5823 are seen as the next area, followed by 0.5800 and then the 50-day SMA near 0.5790.