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