NZD/USD Price Forecast: Tests nine-day EMA support near 0.6000

• NZD/USD may find initial resistance at the eight-month high of 0.6081.
• The 14-day Relative Strength Index remains above the 50 mark, indicating a prevailing bullish sentiment.
• The nine-day EMA of 0.6019 acts as the immediate support.

NZD/USD is extending its losses for the second successive session, trading around 0.6020 during the European hours on Thursday. The technical analysis of the daily chart suggests a bullish bias as the pair moves upwards within an ascending channel pattern.

However, the short-term price momentum is stronger as the NZD/USD pair remains slightly above the nine-day Exponential Moving Average (EMA). Additionally, the bullish bias strengthens as the 14-day Relative Strength Index (RSI) is maintaining its position above the 50 mark.

The NZD/USD pair may target the eight-month high of 0.6081, which was marked on June 5. A successful breach above this level may reinforce the bullish bias and support the pair to test the upper boundary of the ascending channel around 0.6180. A break above this crucial resistance zone may open the doors for the pair to explore the region around the eight-month high of 0.6350, marked in October 2024.

On the downside, the immediate support appears at the nine-day EMA of 0.6019, followed by the ascending channel's lower boundary around 0.6000. A break below the channel could cause the emergence of the bearish bias and put downward pressure on the NZD/USD pair to approach the 50-day EMA at 0.5925.

NZD/USD: Daily Chart