NZD/USD Price Analysis: Defies nearby bearish channel to aim for 0.6600

• NZD/USD leads G10 gainers while snapping seven-day downtrend around 16-month low.
• Bullish MACD signals back descending trend channel breakout to underpin corrective pullback.
• Previous support line from mid-January, 100-HMA restricts nearby advances.

NZD/USD takes the bids to refresh intraday high around 0.6562, up 0.26% on a day while consolidating the recent losses around multi-day low during early Monday.

The pair’s recent corrective pullback takes clues from a clear upside break of a three-day-old descending trend channel, as well as the firmer MACD signals.

Even so, the previous support line from January 14, around 0.6595, precedes the 100-HMA level of 0.6628, challenging the NZD/USD bulls.

On the contrary, pullback moves may initially aim for the stated channel’s upper line, near 0.6545, before eyeing the recent multi-day bottom of 0.6532.

Also likely to challenge the NZD/USD bears is the channel’s support line and the 50% Fibonacci retracement (Fibo.) of March 2020 to February 2021 upside, respectively around 0.6500 and 0.6465.

NZD/USD: Hourly chart

Trend: Further recovery expected