NZD/USD Price Analysis: Corrective pullback remains elusive below 0.6530
|- NZD/USD rebounds from two-year low, snaps six-day downtrend.
- Oversold RSI favors the recovery moves targeting January’s low.
- Three-week-old resistance line adds to the upside filters, bears aim for descending support line from August 2021.
NZD/USD retreats from intraday high as it flashes 0.6500 the figure during Friday’s Asian session. Even so, the kiwi pair prints the first daily gains, up 0.20% by the press time, in six days while bouncing off the lowest levels since June 2020.
Although the oversold RSI conditions seem to have triggered the latest rebound, the quote remains below the previous low of 2022, marked in January, which in turn keeps the sellers hopeful.
In addition to the 0.6530 hurdle, a downward sloping trend line from April 05 also challenges the NZD/USD buyers, around 0.6700 at the latest.
Meanwhile, a fresh downside will initially aim for the latest low surrounding 0.6450 ahead of the 0.6400 threshold.
Should NZD/USD bears keep reins past 0.6400, lows marked during June 2020, around 0.6380, as well as an eight-month-old support line near 0.6370, will be on their radar.
Overall, NZD/USD remains on the seller’s radar despite the latest recovery moves.
NZD/USD: Daily chart
Trend: Further downside expected
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