At the start of the new week, the NZD/USD pair shows moderate upward momentum, firmly holding above the round level of 0.5900 and approaching resistance at 0.5940. Market optimism supports the risk-sensitive New Zealand dollar, but moderate U.S. dollar strengthening acts as a limiting factor for more active growth of the pair ahead of major central bank events scheduled for this week.

The meeting between U.S. President Donald Trump and Russian leader Vladimir Putin in Alaska did not produce significant breakthroughs. Nevertheless, investors remain hopeful that the start of dialogue will increase the chances of ending the protracted conflict in Ukraine. This factor supports overall market optimism and is seen as an important driver for the risk-sensitive New Zealand dollar.

However, the potential for further NZD/USD growth remains limited due to renewed demand for the U.S. dollar. In addition, expectations of a rate cut by the Reserve Bank of New Zealand (RBNZ) at its upcoming meeting on Wednesday put pressure on the currency. Weak labor market data, low inflation expectations, and slowing wage growth prevent supporters of a stronger kiwi from opening aggressive long positions.

Traders may also prefer to wait for fresh signals on the Federal Reserve's rate cut plans before making further decisions on the NZD/USD pair's direction. Markets will be focused on Fed Chair Jerome Powell's comments at the upcoming Jackson Hole symposium, which could significantly influence U.S. dollar dynamics and provide a new impulse for the pair.

From a technical perspective, last week's drop below the 100-SMA on the four-hour chart favored the bears, and now the 100-SMA acts as resistance for NZD/USD on the same timeframe. A break above it would bring the next resistance near the 200-SMA. Oscillators on this chart are mixed. On the daily chart, oscillators remain negative, indicating that bulls lack the strength for active growth. However, a breakout above 0.5940 would open the way for a test of the round level at 0.600, with some resistance expected near 0.5970.