NZDUSD Price Analysis: Retreats from two-month high as 100-DMA probes bulls

• NZDUSD takes offers to refresh the biggest daily gains in a week around two-month high.
• Update RSI, monthly support line keeps buyers hopeful.
• Buyers brace for seven-month-old resistance line unless breaking 0.5825.

NZDUSD holds lower ground near the intraday bottom as it pares the biggest daily gains in a week around 0.5990 during Friday’s Asian session. In doing so, the Kiwi pair seesaws around the highest levels since early September while reversing from the 100-DMA.

Even so, the upbeat RSI (14) conditions, not overbought, join the quote’s sustained trading beyond a one-month-old ascending trend line to keep the buyers hopeful of overcoming the 0.6020 immediate DMA hurdle.

Following that, a run-up towards the downward-sloping resistance line from April, around 0.6155 can’t be ruled out. Also acting as an upside filter is July 2022 bottom surrounding 0.6060.

It’s worth noting that the quote’s trading beyond the aforementioned multi-month-old resistance line appears doubtful considering the RSI line’s positioning near the overbought zone.

That said, the quote’s break of 0.6155 hurdle will not hesitate to challenge the 200-DMA hurdle surrounding 0.6290.

Alternatively, pullback remains elusive unless the quote stays beyond the aforementioned support line, near 0.5825.

Even if the quote drops below 0.5825, the early October swing high near 0.5815 and the 0.5800 round figure could challenge the NZDUSD bears before directing them to the yearly low of 0.5511.

NZDUSD: Daily chart

Trend: Further upside expected