• NZD/USD struggles to keep RBNZ-led advances near three-week high.
  • Overbought RSI, key EMA challenge buyers inside weekly rising channel.
  • 0.6410-15 appears a tough nut to crack for bears.

NZD/USD bulls take a breather around the three-week top, paring post-RBNZ gains near the 0.6500 threshold during early Wednesday in Europe.

The Kiwi pair jumped towards the monthly high after the Reserve Bank of New Zealand (RBNZ) unveiled a 0.50% rate hike, matching market forecasts.

Read: RBNZ’s Orr: Confident households can withstand higher rates

However, the 200-EMA around 0.0.6505 seems to restrict the quote’s latest upside amid the overbought RSI conditions.

Also acting as an upside filter is the stated channel’s upper line, surrounding 0.6545, as well as the monthly high of 0.6568.

Alternatively, pullback moves may aim for the mid-0.6400s ahead of confronting the 0.6410-15 support confluence including the aforementioned channel’s lower line, 100-EMA and 23.6% Fibonacci retracement of the April-May downside.

If at all NZD/USD drops below 0.6440, the odds of its south-run towards the monthly low near 0.6215 can’t be ruled out.

To sum up, NZD/USD prices remain in the recovery mode but the recent run-up needs consolidation.

NZD/USD: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.6503
Today Daily Change 0.0032
Today Daily Change % 0.49%
Today daily open 0.6471
 
Trends
Daily SMA20 0.6397
Daily SMA50 0.6674
Daily SMA100 0.6701
Daily SMA200 0.6835
 
Levels
Previous Daily High 0.648
Previous Daily Low 0.6423
Previous Weekly High 0.6417
Previous Weekly Low 0.6229
Previous Monthly High 0.7035
Previous Monthly Low 0.6451
Daily Fibonacci 38.2% 0.6458
Daily Fibonacci 61.8% 0.6445
Daily Pivot Point S1 0.6436
Daily Pivot Point S2 0.6401
Daily Pivot Point S3 0.6379
Daily Pivot Point R1 0.6493
Daily Pivot Point R2 0.6515
Daily Pivot Point R3 0.655

 

 

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