NZD/USD Price Analysis: Rebounds from 0.6150 support confluence but 200-EMA, US NFP will prod Kiwi bulls
|- NZD/USD picks up bids to refresh intraday high, prints the first daily gain in three.
- Convergence of 21-EMA, four-month-old rising trend line puts a floor under Kiwi price.
- Seven-week-old symmetrical triangle limits short-term moves, 200-EMA adds to upside filters.
- Sellers have a bumpy road towards the south unless breaking 0.5985; US NFP eyed.
NZD/USD refreshes intraday high around 0.6165 as it reverses losses made in the last two days amid early Friday in Auckland. In doing so, the Kiwi pair bounces off a short-term key support confluence comprising the 21-Exponential Moving Average (EMA), as well as an upward-sloping support line from early March.
The latest rebound of the Antipodeans can be considered as the positioning for the US employment report for June, including the Nonfarm Payrolls (NFP). That said, the bullish MACD signals also underpin the pair’s recovery.
Also read: NZD/USD slides towards 0.6155 following strong US data
However, a seven-week-old symmetrical triangle, currently between 0.6210 and 0.6065, restricts the NZD/USD pair’s short-term moves.
Even if the quote defies the triangle formation by crossing the 0.6210 hurdle, the 200-EMA level of around 0.6220 will challenge the pair buyers before giving them control.
It’s worth noting that the US jobs report need to support the quote’s upside break of the 200-EMA to convince the NZD/USD bulls.
On the flip side, a daily closing below the 0.6150 support confluence comprising the 21-EMA and the aforementioned multi-day-old rising trend line could drag the quote towards the 0.6100 round figure before directing it to the stated triangle’s bottom line surrounding 0.6065.
Following that, multiple supports near 0.6030, the 0.6000 psychological magnet and the yearly low marked in May around 0.5985 could challenge the NZD/USD bears.
NZD/USD: Daily chart
Trend: Limited recovery expected
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