NZD/USD Price Analysis: Bears take a breather on the way to 0.6200

• NZD/USD picks up bids to pare the biggest daily loss in two weeks.
• Downside break of a fortnight-old ascending trend line, RSI retreat joins easing bullish bias of MACD to favor sellers.
• Bulls need to cross 0.6280 to retake control.

NZD/USD consolidates the biggest daily fall in 12 days around 0.6240 during Tuesday’s Asian session. Even so, the kiwi pair stays on the bear’s radar inside a three-month-old falling wedge bullish chart pattern.

That said, the quote’s clear downside break of the two-week-old previous support line joins the RSI (14) retreat and recently easy MACD to keep sellers hopeful.

During the NZD/USD pair’s further weakness, the 21-DMA surrounding 0.6195 could restrict the short-term declines, a break of which could direct the bears towards the recent multi-month low of 0.6060.

However, a downward sloping support line from mid-May, around 0.6025 by the press time, could challenge the pair sellers afterward.

Alternatively, the support-turned-resistance line, around 0.6260, guards the quote’s immediate upside ahead of the stated wedge’s resistance line, at 0.6280 at the latest.

In a case where NZD/USD remains firmer past 0.6280, it confirms the falling wedge bullish chart pattern and renews the upside momentum.

It’s worth noting that the monthly peak surrounding 0.6300 and the mid-June swing high of 0.6395 could act as the checking points for the Kiwi pair buyer’s return.

NZD/USD: Daily chart

Trend: Further weakness expected