Anna 
During the early European session on Thursday, the NZD/USD pair continues its upward trajectory for the second consecutive day, buoyed by dovish statements from the Federal Reserve. Trading above the psychological support level of 0.6100, the pair exhibits signs of strength.
However, market analysts caution that a decisive move below the 0.6100 level could introduce downward pressure on the NZD/USD pair, potentially leading it to test the area around the significant support level of 0.6050. A breach below this level may prompt a revisit of March’s low at 0.6024, followed by the psychological support at 0.6000, prompting traders to closely monitor these critical levels for shifts in market sentiment.
Technical analysis utilizing the Moving Average Convergence Divergence (MACD) suggests a prevailing bearish sentiment for the NZD/USD pair. The MACD line’s positioning below both the centerline and the signal line indicates a bearish trend. Additionally, the 14-day Relative Strength Index (RSI) below the 50 level provides further confirmation of the bearish sentiment.
On the upside, the NZD/USD pair faces a significant barrier at the 23.6% Fibonacci retracement level at 0.6115, which coincides with the 21-day Exponential Moving Average (EMA) at 0.6118. Further resistance may be encountered at the 0.6150 level should the pair continue its ascent, presenting key hurdles for traders to monitor.
