- NZD/USD seesaws between 0.6633 and 0.6651 since the early Asian session.
- With the MACD teasing bears amid overbought RSI conditions, bulls should stay cautious.
- Bulls may target January tops during the upside break, sellers could check for 0.6600.
NZD/USD remains range-bound inside an 18-pip move near the six-month high during Wednesday’s Asian session. The pair recently bounced off the range’s support to pick up the bids near 0.6645.
Other than choppy moves near the multi-day top, MACD and RSI conditions also increase barriers for the quote’s further upside.
As a result, sellers will be on the lookout for entries below 0.6633, under 0.6630 to be sure, for revisiting the July 13 top near 0.6595. Though, 0.6585 and 200-HMA near 0.6560, not to forget an upward sloping trend line from July 14, at 0.6558 now, can restrict the pair’s further downside.
Alternatively, an upside clearance of 0.6651 will not only have to cross January 16 peak near 0.6665 but also piece 0.6700 threshold to challenge the yearly top surrounding 0.6756.
NZD/USD hourly chart
Trend: Pullback expected
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