NZDUSD Price Analysis: Clings to 0.6100 inside immediate triangle, bears have a long road ahead

• NZDUSD struggles to extend the week-start pullback from a two-month high.
• The two-day-old symmetrical triangle, weekly support line restrict immediate moves.
• Oscillators favor bears but 0.6070 limited short-term declines.
• Monthly top, September’s high add to the upside filters.

NZDUSD struggles to keep bears on the board, after their fresh entry the previous day, as the quote seesaws near 0.6100 during Tuesday’s initial Asian session. In doing so, the Kiwi pair remains inside a symmetrical triangle formation established since the last Friday.

Given the bearish MACD signals and the downbeat RSI (14), not oversold, the NZDUSD bears are likely to keep the reins.

However, a clear downside break of the stated triangle’s support line around 0.6070 at the latest appears necessary. That said, the 50-HMA adds strength to the stated support levels.

Should the quote breaks the 0.6070 support confluence, the odds of witnessing a slump toward November 08 peak surrounding the 0.60000 psychological magnet can’t be ruled out.

However, an ascending trend line from November 03, close to 0.5890 by the press time, will challenge the NZDDUSD bears afterward.

Alternatively, an upside clearance of the triangle’s upper line, around 0.6120 at the latest, isn’t an open invitation to the NZDUSD bulls as the monthly high could probe the upside momentum around 0.6130.

Additionally, tops marked in September around 0.6165 also challenge the pair’s north-run.

NZDUSD: Daily chart

Trend: Limited downside expected