NZD/USD Price Analysis: Limited upside potential after the bullish surpass of 0.6200
- NZD/USD grinds higher around intraday top, stays firmer past the key supports.
- Upbeat MACD, RSI signals hint at the Kiwi pair’s further run-up.
- One-month-old horizontal resistance area challenges bulls; 200-DMA restricts immediate downside.
NZD/USD seesaws around intraday high near 0.6210, up 0.40% on a day, as bulls cheer the previous day’s inability to conquer the 200-DMA support amid early Tuesday. In doing so, the Kiwi pair buyers also benefit from the upbeat oscillators while heading into a short-term key resistance.
A looming bullish cross on the MACD joins the RSI (14) rebound towards the 50 line to underpin the hopes of the NZD/USD pair’s further recovery.
However, a horizontal area comprising multiple levels marked since early February, near 0.6270-75, appears a tough nut to crack for the Kiwi pair buyers to cross for conviction.
Following that, a run-up towards the mid-February swing high near 0.6390, quickly followed by the 0.6400 threshold, can’t be ruled out.
On the flip side, the 200-DMA support level of 0.6165 restricts short-term declines of the NZD/USD pair.
Even if the Kiwi prices drop below 0.6165 DMA support, the previous resistance line from early February, near 0.6130 at the latest, could challenge the bears. It’s worth noting that the 0.6130 level also becomes important as it encompasses the previous monthly low.
Should the NZD/USD bears remains weak past 0.6130, the odds of witnessing a slump toward the mid-November 2022 low near 0.6060 can’t be ruled out.
NZD/USD: Daily chart
Trend: Sideways
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.
