NZD/USD Price Analysis: Nears the upper-end of three-week-old trading range above 0.6500
|- NZD/USD respects 0.6500 support despite multiple failures to cross short-term horizontal area.
- Overbought RSI conditions suggest bears rolling up their sleeves for entries.
- Bulls can quickly cross June month’s top on the break of 0.6540.
NZD/USD flirts with an intraday top of 0.6519 while taking rounds to 0.6515 during the early Friday. In doing so, the pair stays near the higher end of trading moves followed since June 10. However, nearly overbought RSI conditions signal the pair’s pullback.
As a result, sellers await a clear break below 0.6500 to aim for 0.6450. Though, the mention range’s support around 0.6385 might challenge the bears afterward.
Other than 0.6385, a 200-bar SMA level of 0.6370 also offers strong downside support, a break of which could drag the quote to late-May tops near 0.6330.
Should the bulls refrain from stepping back and clear 0.6535/40 resistance, June month top near 0.6585 might not be able to stop the upside towards 0.6600 threshold.
NZD/USD four-hour chart
Trend: Pullback expected
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