• NZD/USD tests the descending channel’s upper boundary at the 0.5920 level.
• The bullish sentiment would be confirmed once the 14-day RSI breaks above the 50 mark.
• 14- and nine-day EMAs at 0.5892 and 0.5883, respectively, act as immediate supports.

NZD/USD recovers from its recent losses, trading around 0.5910 during the Asian session on Friday. A closer look at the daily chart suggests a potential shift in momentum from a bearish to a bullish bias, as the pair has broken above the descending wedge pattern. Simultaneously, another descending channel pattern has formed, and a breakout above this channel would further strengthen the bullish outlook.

Additionally, NZD/USD has moved above both the nine- and 14-day Exponential Moving Averages (EMAs), indicating strength in short-term price momentum. However, the 14-day Relative Strength Index (RSI) remains below the 50 level, suggesting that the prevailing bearish sentiment is still in play. A move above the 50 level would confirm a shift to bullish sentiment.