The NZD/USD pair faces pressure above the psychological figure of 0.6000 in Wednesday’s New York session.
NZD/USD faces selling pressure above 0.6000 as US Dollar recovers. Fed Kashkari doesn’t see interest rate cuts this year. Investors see the RBNZ reducing interest rates from October. Downside pressure on the Kiwi asset is driven by risk-averse market sentiment and a recovery in the US Dollar. The S&P 500 opens on a bearish note, suggesting a weak risk-appetite of investors. 10-year US Treasury yields recover to 4.
A breakout of the above-mentioned chart pattern exhibits a bullish reversal. The 20-period Exponential Moving Average near 0.6000 continues to offer support to the New Zealand Dollar bulls. The 14-period Relative Strength Index hovers inside the 40.00-60.00 range. A decisive break above 60.00 will trigger a bullish momentum. An upside above April 4 high around 0.6050 will drive the asset towards the round-level resistance of 0.6100 and February 9 high of 0.6160.
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