NZD/USD Price Analysis: Retreats from intraday high, still above 0.6100
|- NZD/USD steps back from a four-day-old descending resistance line.
- Weekly support line can offer immediate rest ahead of 200-HMA.
- Bulls remain cautious unless clearing 100-day EMA.
NZD/USD drops to 0.6120 amid the initial trading session on Tuesday. Although the recent risk-on sentiment keeps the Antipodeans light, a short-term falling trend line triggers the Kiwi pair’s latest declines.
Considering the strength of the trend line resistance, the quote might revisit an ascending trend line from May 19, at 0.6089 now.
However, 200-HMA near 0.6055, could chain the NZD/USD bears below the weekly support line, if not then the return of 0.6000 can’t be ruled out.
On the upside, a clear break above the said resistance line, at 0.6130, can refresh the monthly top near 0.6160.
Though, the 100-day EMA level on the daily chart, around 0.6170, will remain as the strong upside barrier holding keys for further run-up towards 0.6200 round-figure.
NZD/USD hourly chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.