- NZD/USD is defending the 100-hour MA support in Asia.
- A close above 0.6447 is needed for bullish continuation.
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.
Trend: Bullish above 0.6447
- R3 0.6476
- R2 0.6459
- R1 0.6442
- PP 0.6425
- S1 0.6408
- S2 0.6391
- S3 0.6374
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