NZD/USD technical analysis: Bounces from 100-hour MA support

NZD/USD is defending the 100-hour MA support in Asia.
A close above 0.6447 is needed for bullish continuation.

Omkar Godbole FXStreet Contributor

NZD/USD is currently trading at 0.6414, having hit session lows just below the 100-hour moving average (MA) of 0.6409 soon before press time.

While the defense of the 100-day MA is encouraging, a bullish continuation (resumption of the rally from the recent low of 0.6269) would be confirmed only if the pair closes above 0.6447.

Note that the 0.6441-0.6447 range proved a tough nut to crack in the last three days.

A close above 0.6447, if confirmed, would expose the next resistance lined up at 0.6482 (May 23 low) and 0.6519 (50-day MA).

The probability of the pair closing above 0.6447 would rise if the current bounce from the 100-day MA clears the hourly chart bearish lower highs setup with a move above 0.6427.

Hourly chart

Trend: Bullish above 0.6447

Pivot points

1. R3 0.6476
2. R2 0.6459
3. R1 0.6442
PP 0.6425
1. S1 0.6408
2. S2 0.6391
3. S3 0.6374

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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