NZD/USD Price Analysis: Further upside hinges on 0.6355 breakout
|- NZD/USD extends recovery from 200-HMA towards nearby resistance line.
- Firmer RSI, sustained trading above weekly support line and 100-HMA favor buyers.
- Bulls keep their eyes on 0.6430 before eyeing the monthly top.
NZD/USD refreshes intraday high around 0.6345 while stretching the week-start rebound from the 200-HMA during early Tuesday morning in Europe.
In doing so, the Kiwi pair buyers aim for a downward sloping resistance line from Thursday, around 0.6355 by the press time.
Underpinning the latest run-up of the pair is the firmer RSI (14), as well as the quote’s ability to stay firmer past the one-week-old support line and the 100-HMA.
That said, a clear upside break of the 0.6355 appears necessary for the NZD/USD bulls before the previous weekly top surrounding 0.6400 could lure the bulls.
Should NZD/USD bulls keep reins past 0.6400, the 0.6430 resistance level may act as the last defense for the bears before fueling the quote towards the monthly high near 0.6575.
Meanwhile, pullback moves remain elusive until staying beyond the 200-HMA level of 0.6322.
Even if the NZD/USD prices drop below 0.6322, a convergence of the 100-HMA and a one-week-old rising support line, appears a tough nut to crack for the pair sellers around 0.6305.
It’s worth noting that the 0.6300 round figure could act as a validation point for the kiwi pair’s downside past 0.6305.
NZD/USD: Hourly chart
Trend: Further upside expected
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