NZD/USD Price Forecast: Bulls aim for 0.5930 amid US Dollar weakness

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NZD/USD rallies for the second consecutive day and returns above 0.5900.
Hopes of a negotiated end to the Middle East war keep the US Dollar on the defensive.
Bulls are likely to find resistance at the 0.5930 area.

The New Zealand Dollar (NZD) is rallying against a weaker US Dollar (USD) for the second consecutive day on Monday, reaching session highs above 0.5900 at the time of writing, after bouncing at lows around 0.5840 on Friday. Moderate hopes of a peace deal in Iran and expectations that the Reserve Bank of New Zealand (RBNZ) will hike rates in the coming months are boosting the Kiwi.

Investors are holding out a mild optimism about a resolution to the US-Iran war, following news by Axios reporting that Tehran sent a peace proposal to the US, which includes reopening the Strait of Hormuz and the delay of nuclear negotiations to a later stage.

In New Zealand, the sticky inflationary levels seen last week have boosted expectations that the RBNZ will hike interest rates in the coming months, probably in July. The Federal Reserve (Fed), on the other hand, is widely expected to leave rates on hold on Wednesday and probably for the rest of the year.

Technical Analysis

NZD/USD trades above 0.5910 with a mildly constructive near-term bias. Momentum indicators support the upside tone, as the Relative Strength Index (RSI) hovers around 60 and the Moving Average Convergence Divergence (MACD) histogram has turned marginally positive, hinting that buyers retain control while dips are being absorbed.

Bulls are likely to be challenged at the horizontal barrier near 0.5930, which has held upside attempts several times over the previous two weeks. Further up, the targets are the March 10 high at 0.5965 and the February 26 high near 0.6015.

On the downside, session lows at the 0.5860 area are likely to provide some support to a potential bearish reversal ahead of Friday's low, near 0.5840. A confirmation below that level brings the April 13 low, at the 0.5800 area, into focus.

(The technical analysis of this story was written with the help of an AI tool.)

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Swiss Franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.21%	-0.24%	-0.11%	-0.46%	-0.54%	-0.59%	-0.07%
EUR	0.21%		-0.01%	0.09%	-0.24%	-0.30%	-0.36%	0.15%
GBP	0.24%	0.01%		0.09%	-0.26%	-0.31%	-0.37%	0.17%
JPY	0.11%	-0.09%	-0.09%		-0.33%	-0.43%	-0.50%	0.08%
CAD	0.46%	0.24%	0.26%	0.33%		-0.09%	-0.16%	0.39%
AUD	0.54%	0.30%	0.31%	0.43%	0.09%		-0.05%	0.48%
NZD	0.59%	0.36%	0.37%	0.50%	0.16%	0.05%		0.53%
CHF	0.07%	-0.15%	-0.17%	-0.08%	-0.39%	-0.48%	-0.53%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).