NZD/USD Price Analysis: Pairs regains ground, future depends on the 20-day SMA resistance hold

• 
  NZD/USD
  gains
  momentum
  resuming
  back
  above
  the
  20-day
  SMA.
• 
  Bulls
  attempt
  to
  maintain
  control
  after
  Thursday’s
  recovery
  transitioned
  the
  technical
  outlook
  towards
  a
  slightly
  bullish
  sentiment.

On
Friday’s
session,
the

NZD/USD
demonstrated
renewed
strength
after
recovering
from
a
period
of
decline,
resulting
in
a
rise
to
around
0.6120.

Daily
technical

indicators
present
a
cautiously
optimistic
picture.
The
Relative
Strength
Index
(RSI)
currently
stands
at
52
in
positive
territory.
This
rise
signifies
a
strengthening
bullish
momentum,
however,
the
market
is
still
far
from
confirming
a
positive

outlook.
The
Moving
Average
Convergence
Divergence
(MACD)
prints
decreasing
red
bars,
indicative
of
slowing
bearish
momentum.

NZD/USD
daily
chart

On
the
upside,
bulls
will
face
a
challenge
at
0.6150
and
0.6200.
Achieving
a
decisive
close
above
these
levels
would
signal
a
further
establishment
of
control
towards
the
bulls.

Downward,
the
first
line
of
defense
lies
at
the
convergence
of
the
100
and
200-day
SMAs
at
0.6070.
A
bearish
turn
below
this
level
would
incline
the
outlook
back
to
the
bearish
side,
potentially
triggering
a
corrective
slide
towards
0.6050
and
then
to
the
0.6030
support
levels.