NZD/USD Technical Analysis: Bulls await a move beyond 200-hour EMA, 38.2% Fibo. confluence hurdle
|- NZD/USD regains some positive traction on Monday.
- The set-up warrants some caution for aggressive traders.
The NZD/USD pair once again showed some resilience below mid-0.6600s and caught some fresh bids on the first day of a new trading week.
The pair recovered a part of Friday's slide to over one-week lows, albeit struggled to extend the positive momentum further beyond 200-hour EMA.
The mentioned hurdle coincides with 38.2% Fibonacci level of the 0.6554-0.6756 recent move up and should act as a key pivotal point for short-term traders.
Meanwhile, mixed technical indicators on hourly/daily charts haven't been supportive of a firm direction and warrant some caution for aggressive traders.
Hence, it will be prudent to wait for some follow-through buying beyond the said confluence barrier, around the 0.6675-80 region before placing fresh bullish bets.
On the flip side, the 0.6650-45 area might continue to protect the immediate downside and is closely followed by 61.8% Fibo. support near the 0.6630 region.
Failure to defend the mentioned support levels might now turn the pair vulnerable to accelerate the slide further towards testing the 0.6600 round-figure mark.
NZD/USD 1-hourly chart
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