May 29, 2023

Steps back from three-month-old resistance near 0.6850

  • NZD/USD struggles to extend four-day uptrend, eases from intraday top.
  • MACD conditions, 21-DMA challenge sellers, 0.6860 becomes the key hurdle.

NZD/USD retreats from daily top to 0.6835, down 0.06% intraday, during Monday’s Asian session.  In doing so, the kiwi pair marks another failure to cross horizontal resistance established from late September.

Even so, successful trading above 21-DMA joins the bullish MACD signals and firmer RSI line to keep NZD/USD buyers hopeful. However, a clear upside break of a three-month-old horizontal area near 0.6860 becomes necessary for the kiwi pair’s further upside.

Following that, a run-up towards the 50-DMA near 0.6930 can’t be ruled out. Even so, the early October tops close to 0.6985 and the 0.7000 psychological magnet will challenge the NZD/USD bulls afterward.

Meanwhile, pullback moves may aim for the 21-DMA retest, around 0.6790 by the press time.

In a case where NZD/USD bears manage to conquer the stated DMA support, the 0.6735 and the year 2021 low of 0.6701 will pop up on their radars.

NZD/USD: Daily chart

Trend: Further recovery expected


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