NZD/USD Price Forecast: Breaks above 0.6000, next barrier appears near six-month highs

• NZD/USD could find the next barrier at the six-month high of 0.6038.
• If 14-day RSI breaks above 70, it could signal overbought conditions and raise the risk of a potential pullback.
• A break below the nine-day EMA at 0.5870 could undermine the short-term bullish momentum.

The NZD/USD pair extends its winning streak that began on April 9, trading around 0.6010 during early European trading hours on Thursday. Technical indicators on the daily chart point to a bullish bias, with the pair holding above the nine-day Exponential Moving Average (EMA).

However, the 14-day Relative Strength Index (RSI) sits just below the 70 level, supporting the prevailing bullish bias. A decisive break above 70, however, could signal overbought conditions and raise the risk of a potential pullback. Meanwhile, the nine-day EMA rises above the 50-day EMA, reinforcing the broader bullish trend and suggesting the potential for further upside.

On the upside, the NZD/USD pair could challenge the key resistance at the six-month high of 0.6038, last reached in November 2024. A sustained break above this level would likely strengthen the bullish outlook and open the door for a move toward the seven-month high near 0.6350, recorded in October 2024.

The primary support is located at the nine-day EMA of 0.5870. A break below this level could undermine the short-term bullish momentum and expose the NZD/USD pair to further downside toward the 50-day EMA at 0.5748. Additional support lies at 0.5485, a level not seen since March 2020.

NZD/USD: Daily Chart