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The NZD/USD continues its losing streak for the fifth day in a row, trading around the 14-day exponential moving average (EMA) at 0.5898 during Friday’s European session, with immediate resistance at 0.5900. Fed Chair Jerome Powell’s confirmation of further rate hikes has put downward pressure on the Kiwi pair.
The 23.6% Fibonacci retracement level at 0.5923 has been identified as a key resistance point in the event that the NZD/USD continues to advance. A solid break above this level could provide support for the bullish momentum and allow traders to explore the region around last week’s high at the psychological level of 0.6000.
