NZD/USD Price Analysis: Bulls challenge 100-hour SMA near 0.60 mark

• NZD/USD regains traction on Wednesday and climbs back to the 0.60 mark.
• The set-up warrants some caution before placing aggressive directional bets.

The NZD/USD pair refreshed daily tops during the early European session, with bulls now looking to extend the momentum further beyond the key 0.60 psychological mark.

The mentioned handle coincides with 100-hour SMA, which should now act as a key pivotal point for intraday traders and help grab some meaningful trading opportunities.

Meanwhile, technical indicators on hourly charts have again started moving into the positive territory, albeit at yet to gain any meaningful traction on the daily chart.

The set-up warrants some caution aggressive bullish traders and makes it prudent to wait for some strong follow-through buying before positioning for any strong gains.

Hence, any subsequent positive move is likely to confront a stiff resistance near the 0.6035-40 zone, which if cleared should open the room for a further near-term appreciating move.

On the flip side, immediate support is pegged near the 0.5960 level, below which the pair is likely to accelerate the slide towards the 0.5920 region en-route the 0.5900 mark.

NZD/USD 1-hourly chart

Technical levels to watch