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- NZD/USD Price Analysis: Stays mildly bid towards 0.6675 hurdle
NZD/USD Price Analysis: Stays mildly bid towards 0.6675 hurdle
- NZD/USD grinds higher around intraday, keeps the previous day’s recovery moves.
- Firmer RSI, successful bounce off short-term horizontal area and 50-SMA keep buyers hopeful.
- 13-day-old descending trend line, 100-SMA will challenge recovery moves.
NZD/USD extends the week-start gains towards 0.6650, up 0.15% intraday near 0.6640 during Tuesday’s Asian session.
The Kiwi pair recently paid a little heed to the comments from the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr to stay beyond a week-long horizontal support zone, not to forget the 50-SMA, amid a firmer RSI line.
It’s worth noting, however, that the NZD/USD bulls need validation from a fortnight-old descending resistance line near 0.6665, as well as the 100-SMA level of 0.6675, to extend the latest rebound.
On the contrary, pullback moves remain elusive until the quote stays beyond the stated horizontal support region near 0.6590-95.
That said, the 50-SMA level of 0.6610 will test the NZD/USD pair’s immediate downside.
In a case where the pair drops below 0.6590, January’s low of 0.6529 and the 0.6500 threshold will be on the bear’s radar.
NZD/USD: Four-hour chart
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Trend: Further upside expected
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