NZD/USD tests the psychological level of 0.6000 on Monday. The break above 0.6050 could lead the pair to navigate the area around the 14-day EMA and the 23.6% Fibonacci level. The major level of 0.5950 could act as support, following the psychological support at 0.5900 level.
According to the Moving Average Convergence Divergence analysis, a prevailing downward sentiment is indicated for the NZD/USD pair. This is evidenced by the MACD line positioned below the centerline and shows the divergence below the signal line, signaling a bearish trend. Furthermore, the 14-day Relative Strength Index is below the 50 level, providing additional confirmation of the bearish sentiment. On the downside, the NZD/USD pair could find the key support at the major level of 0.5950.
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