The NZD/USD pair continues to rise despite a bearish sentiment. Currently trading around 0.5940, the pair is testing the lower boundary of a daily symmetrical triangle at 0.5963. A breakthrough into the triangle could potentially weaken the bearish outlook.
However, indicators like the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest a downward trend for the pair. The MACD line is below the centerline and the signal line, while the RSI remains below the 50 level, confirming the bearish sentiment.
If NZD/USD breaks below 0.5900, it may test support levels at 0.5863 and 0.5850. Conversely, a break into the symmetrical triangle could target the psychological barrier of 0.6000. A move above this level could push the pair towards the 50-day Exponential Moving Average (EMA) at 0.6023 and the upper boundary of the triangle at 0.6030.
In summary, while the pair is currently facing bearish pressure, a breakthrough into the symmetrical triangle could shift sentiment towards a more bullish outlook.