NZD/USD Price Analysis: Rally towards 0.6500 looks imminent

• The Kiwi Dollar has rebounded despite pre-Fed policy anxiety.
• A bull cross, represented by the 20-and 200-period EMAs at 0.6214, indicates more upside ahead.
• The RSI (14) is oscillating in the bullish range, which indicates that the upside momentum is active.

The NZD/USD pair is an inch far from the round-level resistance of 0.6400, at the time of writing, after resurfacing from around 0.6380 in the early Asian session. The Kiwi asset has attempted a firmer recovery despite the risk-off market mood ahead of Federal Reserve (Fed) monetary policy meeting on Wednesday.

Meanwhile, the US Dollar Index (DXY) is displaying signs of exhaustion after failing to surpass the immediate hurdle of 105.20. The 10-year US Treasury yields have turned negative in intraday trade and have slipped below 3.56%.

NZD/USD is initially aiming to conquer the current resistance plotted from August 12 high at 0.6470. After surpassing the current resistance at 0.6470, the Kiwi asset will face fresh barricades at June 3 high of around 0.6576. A bull cross, represented by the 20-and 200-period Exponential Moving Averages (EMAs) at 0.6214, indicates more upside ahead.

The Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00, which indicates a continuation of the upside ahead.

For further upside, the Kiwi asset needs to surpass August 12 high at 0.6470, which will drive the pair toward the psychological resistance at 0.6500, followed by June 3 high around 0.6576.

Alternatively, a breakdown below December 5 low around 0.6300 will drag the kiwi pair towards December 1 low at 0.6233. A slippage below the latter will drag the major toward the round-level support at 0.6200.

NZD/USD daily chart