The currency pair consolidates above 0.5900, supported by USD weakness despite soft New Zealand retail sales data.
The NZD/USD pair traded near 0.5975 in early Asian trading, remaining just below its June high after Friday’s breakout above 0.5900. Weakness in the USD offset headwinds from disappointing New Zealand retail sales figures, sustaining the pair’s bullish momentum.
Technical indicators reinforce the positive outlook, with the pair holding above its 200-period Simple Moving Average at 0.5845. The MACD remains slightly positive, though the RSI at 69 signals overbought conditions, suggesting potential consolidation before further gains.
Analysts expect support near 0.5845 to hold, with a break below needed to shift the near-term bias. Above 0.6000, bulls could target higher levels, though upside may be limited by stretched momentum.