- The NZD/USD pair failed to capitalize on its recent positive move beyond the 0.6700 handle and witnessed an intraday pullback from to 2-1/2 month tops on Monday.
- The said handle coincides with 200-day SMA and 50% Fibo. level of the 0.6939-0.6481 recent slide, which should now act as a key pivotal point for short-term traders.
Despite the downtick, the pair has still managed to defend the 38.2% Fibo. level and thus, warrant some caution before confirming that a near-term top is already in place or positioning for any further near-term corrective slide.
Moreover, technical indicators on the daily chart, though have eased from highs, maintained their bullish bias and support prospects for some dip-buying interest on any subsequent slide below the mentioned support.
The set-up cleared remains tilted in favour of bullish traders and hence, and subsequent slide below the 0.6660-50 region, towards the 0.6620-15 horizontal zone might still be seen as an opportunity to initiate fresh bullish positions.
NZD/USD daily chart
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