The NZD/USD pair failed to capitalize on the overnight strong up-move to over three-week tops and struggled to find acceptance above the 0.6600 mark.
The mentioned handle coincides with 200-period SMA on the 4-hourly chart and should act as a key pivotal point for the pair’s next leg of a directional move.
Looking at the broader picture, the pair on Monday managed to decisively break through a three-week-old descending trend-channel and thus, remains poised to build on the recent bounce from near seven-month lows set on May 25.
Technical indicators on hourly charts maintained their bullish bias and have just started gaining positive traction on the daily chart, adding credence to the constructive outlook and prospects for a further near-term appreciating move.
A sustained move beyond the 0.6600 handle will reaffirm the bullish outlook and set the stage for a possible move towards the 0.6900 round figure mark with some intermediate resistance near mid-0.6600s and the 0.6675-80 region.
NZD/USD 4-hourly chart
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