NZD/USD Price Analysis: Bulls attack monthly hurdle surrounding 0.6350
|- NZD/USD struggles to extend three-day uptrend around weekly top.
- One-month-old descending resistance line, 100-SMA probe buyers, 50-SMA restricts immediate downside.
- RSI, MACD conditions signal firmer upside momentum of late.
NZD/USD takes rounds to 0.6360 as it battles with the short-term key hurdle during Wednesday’s Asian session, after a three-day rebound from the two-year low.
In doing so, the Kiwi pair jostles with a downward sloping resistance line from late April amid firmer RSI and MACD conditions.
It’s worth noting that the 100-SMA level of 0.6405 also challenges the NZD/USD buyers, even if they manage to successfully cross the 0.6360 hurdle.
Following that, a run-up towards the 0.6500 and then to the monthly high near 0.6570 can’t be ruled out.
Alternatively, the 50-SMA level surrounding 0.6315-10 restricts the short-term downside of the NZD/USD pair ahead of the monthly low near 0.6215.
In a case where the pair drops below 0.6215, a late 2019 bottom around 0.6200 will be crucial to watch.
NZD/USD: Four-hour chart
Trend: Further upside expected
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