NZD/USD Forecast: Pair Holds Near 0.6030 as Traders Eye Breakout Above 0.6050

NZD/USD traded steadily around 0.6030 in Thursday’s Asian session, holding a slight bullish tone despite a modest uptick in the US Dollar (USD). The pair showed little reaction to China’s Caixin Services PMI, which edged up to 51.1 in May, slightly better than April’s 50.7, but failed to inspire significant momentum.

Technical Outlook: Path of Least Resistance Still Bullish

The pair continues to trade within a short-term ascending channel, suggesting an intact uptrend. Oscillators on both the hourly and daily charts remain positive and show room for further upside, supporting a bullish bias.

• A decisive breakout above 0.6050 – the key 61.8% Fibonacci retracement level of the Sept 2024–Apr 2025 downtrend – would confirm further gains.
• If that occurs, next upside targets are seen at 0.6080 (channel resistance) and 0.6100 (psychological level).

Key Support Levels to Watch

• Initial support lies at 0.6000, with deeper support at 0.5950–0.5955 near the 100-period SMA on the 4-hour chart.
• A break below 0.5950 could signal a shift in sentiment and spark a deeper correction.

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