NZD/USD Price Analysis: Further upside hinges on 0.6355 breakout

NZD/USD extends recovery from 200-HMA towards nearby resistance line.
Firmer RSI, sustained trading above weekly support line and 100-HMA favor buyers.
Bulls keep their eyes on 0.6430 before eyeing the monthly top.

Anil Panchal FXStreet

NZD/USD refreshes intraday high around 0.6345 while stretching the week-start rebound from the 200-HMA during early Tuesday morning in Europe.

In doing so, the Kiwi pair buyers aim for a downward sloping resistance line from Thursday, around 0.6355 by the press time.

Underpinning the latest run-up of the pair is the firmer RSI (14), as well as the quote’s ability to stay firmer past the one-week-old support line and the 100-HMA.

That said, a clear upside break of the 0.6355 appears necessary for the NZD/USD bulls before the previous weekly top surrounding 0.6400 could lure the bulls.

Should NZD/USD bulls keep reins past 0.6400, the 0.6430 resistance level may act as the last defense for the bears before fueling the quote towards the monthly high near 0.6575.

Meanwhile, pullback moves remain elusive until staying beyond the 200-HMA level of 0.6322.

Even if the NZD/USD prices drop below 0.6322, a convergence of the 100-HMA and a one-week-old rising support line, appears a tough nut to crack for the pair sellers around 0.6305.

It’s worth noting that the 0.6300 round figure could act as a validation point for the kiwi pair’s downside past 0.6305.

NZD/USD: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.6343
Today Daily Change	0.0012
Today Daily Change %	0.19%
Today daily open	0.6331

Trends
Daily SMA20	0.6427
Daily SMA50	0.6487
Daily SMA100	0.664
Daily SMA200	0.678

Levels
Previous Daily High	0.6365
Previous Daily Low	0.63
Previous Weekly High	0.6396
Previous Weekly Low	0.6197
Previous Monthly High	0.6569
Previous Monthly Low	0.6217
Daily Fibonacci 38.2%	0.634
Daily Fibonacci 61.8%	0.6325
Daily Pivot Point S1	0.6299
Daily Pivot Point S2	0.6266
Daily Pivot Point S3	0.6233
Daily Pivot Point R1	0.6364
Daily Pivot Point R2	0.6397
Daily Pivot Point R3	0.643

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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