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