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- NZD/USD Price Analysis: Bulls attack 0.6300 with eyes on three-month-old resistance
NZD/USD Price Analysis: Bulls attack 0.6300 with eyes on three-month-old resistance
- NZD/USD picks up bids reverse the previous day’s pullback from one-month high.
- Bullish oscillators, sustained break of 100-DMA favor Kiwi pair buyers.
- Descending resistance line from February appears the key upside hurdle.
- One-week-old upward-sloping trend line adds to the downside filters.
NZD/USD rises half a percent to lead the G10 currency pair gainers during early Monday. That said, the Kiwi pair buyers poke the 0.6300 round figure while reversing Friday’s U-turn from the highest levels since early April.
The quote’s strength could be linked to a successful upside break of the 100-DMA, as well as bullish MACD signals and an upbeat but not overbought RSI (14) line.
With this, the NZD/USD bulls are all set to prod a downward-sloping resistance line from February close to 0.6320 by the press time.
Following that, the pair buyers can aim for the 61.8% Fibonacci retracement level of its February-March downside, near 0.6365.
However, a three-month-old horizontal resistance area surrounding 0.6385-90, quickly followed by the 0.6400 round figure, could challenge the NZD/USD bulls afterward.
On the contrary, a daily closing below the 100-DMA level of around 0.6275 isn’t a welcome sign for the NZD/USD bears as a one-week-long ascending trend line joins the 38.2% Fibonacci retracement level to limit the pair’s short-term downside near 0.6260.
In a case where the NZD/USD pair drops below 0.6260, the odds of witnessing a quick fall toward the 0.6200 round figure can’t be ruled out.
NZD/USD: Daily chart
Trend: Further upside expected
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