NZD/USD Price Forecast: Hovers around 0.5750 near nine-day EMA support

• NZD/USD could target the two-month high at 0.5794.
• The 14-day RSI stays above the 50 level, reinforcing the bullish sentiment.
• The nine-day EMA at 0.5721 level appears as the immediate support.

The NZD/USD pair maintains its gains around 0.5750 during European trading hours on Monday. Technical analysis of the daily chart suggests a bullish market outlook, as the pair continues to trade within an ascending channel pattern.

The 14-day Relative Strength Index (RSI) remains above the 50 level, strengthening the bullish outlook. Moreover, the NZD/USD pair stays positioned above the nine- and 14-day Exponential Moving Averages (EMAs), indicating robust short-term momentum.

On the upside, the NZD/USD pair could target the two-month high at 0.5794, reached on January 24, followed by the upper boundary of the ascending channel at the 0.5810 level. A break above this critical resistance zone could reinforce the bullish bias and lead the pair to approach the three-month high at 0.5922, last seen on December 3.

The NZD/USD pair could find immediate support at the nine-day EMA at 0.5721, followed by a 14-day EMA at 0.5707 level. Further support region appears at the ascending channel's lower boundary at 0.5700 level.

A break below the channel would weaken the bullish bias and put downward pressure on the NZD/USD pair to navigate the region around 0.5516, its lowest point since October 2022, recorded on February 3.

NZD/USD: Daily Chart