The NZD/USD pair, although still predominantly bearish, has exhibited a subtle upward trend towards the end of the week, reaching 0.5960. The formation of a handle-like pattern, along with higher lows and highs, hints at a possible bullish rally in the near future.

Technical Indicators:

• RSI: Despite being mostly below the mid-point, the Relative Strength Index (RSI) has recovered and breached the 40-threshold mark, suggesting a potential shift in sentiment towards bullishness.
• MACD: The Moving Average Convergence Divergence (MACD) remains below the signal line. However, the decreasing red bars in the histogram indicate a possible upcoming bullish crossover.

Support and Resistance Levels:

The pair has established new support levels at 0.5760, 0.5800, and 0.5850. Resistance levels are now located at 0.5980, 0.6000, and 0.6030.

Overall Outlook:

While the NZD/USD pair is still technically in a bearish trend, the emerging mild uptrend and potential bullish signals from technical indicators suggest a possible shift in momentum. Traders will be closely watching for a break above the resistance levels to confirm a bullish reversal.