NZDUSD Technical Analysis – 11-June-2024

The NZD/USD currency pair is currently at a critical juncture, presenting potential trading opportunities. After retreating from 0.6099, the pair tested the immediate resistance level at 0.6132 today.

Technical indicators such as the Relative Vigor Index (RVI) and the Moving Average Convergence Divergence (MACD) suggest a bullish trend might continue. Additionally, the stochastic oscillator indicates the pair is moving out of the oversold zone, supporting the possibility of an upward movement.

NZDUSD Technical Analysis – 11-June-2024

NZDUSD Technical Analysis – 11-June-2024

For the uptrend to gain momentum, buyers must push the price above the 0.613 resistance level. Should this occur, the next target will likely be the 0.617 resistance. This level could be a significant milestone, further confirming the bullish trend and possibly attracting more buyers.

Bearish Scenario

On the other hand, if sellers manage to keep the price below the immediate resistance, the decline that began on June 6 might persist. In this scenario, the key support level to watch is 0.6088. A break below this level could lead to further declines, with the next support at 0.604.