The NZD/USD pair’s upward momentum has hit a snag near the 0.6220 resistance level, after briefly touching 0.6217. The pair is currently consolidating around 0.6170, with bulls struggling to maintain their grip.

Technical indicators paint a picture of waning bullish momentum. The Relative Strength Index (RSI) has dipped slightly below 56, signaling a decrease in buying pressure. This is further supported by the flattening red bars on the Moving Average Convergence Divergence (MACD) indicator, reinforcing the ongoing consolidation phase.

Key Support Levels to Watch:

Despite the recent pullback, the NZD/USD pair remains well-supported. The 20-day Simple Moving Average (SMA) is providing immediate support at 0.6140. Additionally, the confluence of the 100 and 200-day SMAs in the 0.6050-0.6060 region serves as a robust support zone, potentially limiting downside risks. However, a break below this convergence could trigger further selling pressure.