NZD/USD Price Forecast: Holds losses below 0.6000, support appears at nine-day EMA

• NZD/USD could challenge the key resistance level at 0.6038, the highest point in six months.
• Technical indicators suggest prevailing short-term bullish momentum. 
• Initial support is found at the nine-day EMA, currently at 0.5929.

The NZD/USD pair offers its recent gains registered in the previous session, trading around 0.5960 during early European trading hours on Friday.

Technical indicators on the daily chart suggest a bullish bias, with the pair remaining above the nine-day Exponential Moving Average (EMA), signaling improved short-term price momentum.

Moreover, the 14-day Relative Strength Index (RSI) is positioned above the 50 mark, suggesting the prevailing bullish bias.

A rebound toward to the 70 mark could reinforce the market sentiment to test six-month high of 0.6038, last seen in November 2024.

A sustained break above six-month high could open the doors to explore the area around its seven-month high near 0.6350, recorded in October 2024.

The initial support is located at the nine-day EMA at 0.5929. A break below this level could weaken the short-term bullish momentum and open the door for further downside toward the 50-day EMA at 0.5781.

Further depreciation would deepen the bearish bias and put the downward pressure on the NZD/USD pair to test support at 0.5485--a level not visited since March 2020.

NZD/USD: Daily Chart