NZD/USD technical analysis: Bounces from 100-hour MA support

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  • NZD/USD is defending the 100-hour MA support in Asia. 
  • A close above 0.6447 is needed for bullish continuation. 

NZD/USD is currently trading at 0.6414, having hit session lows just below the 100-hour moving average (MA) of 0.6409 soon before press time. 

While the defense of the 100-day MA is encouraging, a bullish continuation (resumption of the rally from the recent low of 0.6269) would be confirmed only if the pair closes above 0.6447. 

Note that the 0.6441-0.6447 range proved a tough nut to crack in the last three days. 

A close above 0.6447, if confirmed, would expose the next resistance lined up at 0.6482 (May 23 low) and 0.6519 (50-day MA). 

The probability of the pair closing above 0.6447 would rise if the current bounce from the 100-day MA clears the hourly chart bearish lower highs setup with a move above 0.6427. 

Hourly chart

Trend: Bullish above 0.6447

Pivot points

 

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