- The NZD/USD pair has broken out of a sideways range, suggesting that bullish pressure is building.
- The RSI and MACD indicators are both rising, indicating growing buying momentum.
- A close above the 0.6280 resistance level could open the door to further gains.
The NZD/USD pair, which rose to 0.6270 in Monday's session, has broken out of a sideways range that had been in place for the past seven sessions. The pair has been consolidating between 0.6210 and 0.6240, but it has now broken above the upper bound of this range, suggesting that bullish pressure is building.
The Relative Strength Index (RSI) is at 63 near the overbought area and has a rising slope while the Moving Average Convergence Divergence (MACD) is green and rising, which also suggests that buying pressure is increasing.
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