NZD/USD Price Analysis: Bulls come up top test key daily resistance

NZD/USD bears eye a move to test below the 0.6160s.
Trendline support is calling with the Bird on the front side of the bearish daily trendline.

Ross J Burland FXStreet

The New Zealand Dollar outperformed against G10 currencies after China’s authorities signalled further stimulus, propping up the Bird after weakening in the prior six sessions. At the time of writing, the Bird is trading at 0.6200 and has travelled between 0.6155 and 0.6215.

From a technical standpoint, the Kiwi is under pressure but has come up to test the resistance, both horizontal and dynamic:

NZD/USD daily charts

As illustrated, the pair is on the front side of the bearish trend and sees prospects of a move below the 0.6160s that guards a run towards major trendline support.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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