NZD/USD is strengthening the bullish trend on the daily chart

The NZD/USD looks to consolidate above the 200 day moving average, so the bullish outlook is kept alive.

The kiwi is forming a lower high pattern below the resistance level of 0.8380. If the pair manages to break that level, it is expected to rise to the level of 0.8528. On the other hand, the NZDUSD could break that support level to drop to the 0.8217 and 0.8106 level, where is located the SMA 200. If the pair manages to break that resistance level, it is likely that the current bullish outlook could continue for a few more weeks in the NZDUSD.

The MACD indicator remains in negative territory but is gradually moving into extreme oversold area, so we must be cautious.

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