NZD/USD Price Forecast: Rises above 0.5700, nine-day EMA amid renewed bullish bias

• NZD/USD attempts to surpass the nine-day EMA, signaling a potential boost in short-term price momentum.
• The 14-day RSI has risen above the 50 mark, reviving a bullish outlook.
• Immediate support is seen at the nine-day EMA at 0.5748, followed by the 50-day EMA at 0.5719.

NZD/USD continues its upward momentum for the second consecutive day, hovering around 0.5750 during European trading hours on Wednesday. The technical analysis of the daily chart indicates a dominant bullish bias, with the pair maintaining its position within an ascending channel. Furthermore, the 14-day Relative Strength Index (RSI) has climbed back above the 50 mark, reinforcing a renewed bullish outlook.

Additionally, the NZD/USD pair is making an effort to break above the nine-day Exponential Moving Average (EMA), indicating the potential for strengthening short-term price momentum. The nine-day EMA holding above the 50-day EMA further supports the broader bullish trend, signaling a continued recovery.

On the upside, a decisive break above the nine-day EMA could further strengthen short-term momentum, potentially driving NZD/USD toward the three-month high of 0.5832, last reached on March 18. Beyond this level, additional resistance is seen near the upper boundary of the ascending channel, around 0.5880.

The nine-day EMA at 0.5748 serves as immediate support, followed by the 50-day EMA at 0.5719. A break below this level could weaken medium-term momentum, increasing downside pressure on the NZD/USD pair to test the psychological support at 0.5700, with the lower boundary of the ascending channel near 0.5660 as the next key level. A breakdown below this channel could reinforce the bearish bias, potentially pushing the pair toward the monthly low of 0.5593, recorded on March 3.

NZD/USD: Daily Chart