- The early downtick finds some support near the 0.6260 region.
- Renewed RBNZ easing speculation might cap any strong gains.
The NZD/USD pair managed to find some support near the 0.6360 region and has now climbed to fresh session tops, with bulls now looking to extend the momentum further beyond 200-hour SMA.
This is closely followed by the 0.6400 handle, which coincides with 38.2% Fibonacci level of the recent slide from three-month tops and should now act as a key pivotal point for short-term traders.
Above the mentioned hurdle, the pair is likely to climb further towards the 0.6415 confluence resistance – comprising of 100-hour SMA and 50% Fibo. level – en-route 0.6425-30 supply zone.
The latter nears 61.8% Fibo. level and might keep a lid on any subsequent positive move amid renewed RBNZ easing speculations, especially after Wednesday’s disappointing employment figures.
On the flip side, the 0.6365-60 region might continue to act as immediate support and is followed by support near the 0.6330 area, which if broken should pave the way for a further downside.
The pair then could slide back towards testing sub-0.6300 level before eventually dropping to the 0.6240 horizontal support zone ahead of the multi-year lows, around the 0.6300 round figure mark.
NZD/USD 1-hourly chart
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