Anna 
NZD/USD has sustained its upward trajectory for the fourth consecutive session, buoyed by the dovish outlook presented by the Federal Reserve for interest rates in 2024. The decision of the Federal Reserve to maintain its current interest rate stance has contributed to the positive momentum of the NZD/USD pair. The pair traded higher at approximately 0.6210 during the European session on Thursday, inching back from its recent five-month high of 0.6249, with a notable resistance level at 0.6250.
The 14-day relative strength index (RSI) currently sits above the 50 level, signaling a bullish market outlook. A potential break above the resistance at 0.6250 could propel NZD/USD to test the psychological zone around 0.6300. Further confirmation of the bullish momentum may be provided by a Moving Average Convergence Divergence (MACD) line positioned above the midline and the signal line.
However, on the downside, a retreat below the psychological support at 0.6200 could prompt NZD/USD to explore lower levels, first testing the 23.6% Fibonacci retracement level at 0.6165. Subsequently, the pair may target the primary support at 0.6150. A decisive break below this level would lead NZD/USD to examine the area around the 14-day exponential moving average (EMA) at 0.6138, followed by the 38.2% Fibonacci retracement level at 0.6090.
The pair’s movements are intricately tied to market sentiment, particularly influenced by the Federal Reserve’s cautious stance on interest rates and mixed signals from New Zealand’s third-quarter gross domestic product (GDP) data. Despite expectations for growth, the year-on-year GDP fell by 0.6%, while the quarter-on-quarter GDP declined by 0.3%, deviating from consensus expectations.
Traders are now attentively monitoring key resistance and support levels, as well as technical indicators, to gauge the potential continuation of NZD/USD’s upward momentum in the currency markets.
