- NZD/USD gains some positive traction on Thursday and snaps three consecutive days of losing streak.
- The intraday set-up supports prospects for a move towards reclaiming the 0.60 round-figure mark.
The NZD/USD pair edged higher on Thursday, snapping three consecutive days of losing streak and is currently placed near session tops, around mid-0.5900s.
The momentum assisted the pair to reverse the previous day’s negative move to weekly lows and climb further beyond a three-day-old descending trend-channel.
The intraday uptick stalled near a resistance marked by 100-hour SMA, around the 0.5970 region, which if cleared might be seen as a fresh trigger for bullish traders.
Meanwhile, technical indicators on hourly charts maintained their mildly positive bias, which supports prospects for a move towards the key 0.60 psychological mark.
However, oscillators on the daily chart – though have been recovering from the negative territory – are yet to gain any meaningful traction and warrant some caution.
Hence, it will be prudent to wait for some strong follow-through buying before traders start positioning for an extension of the pair’s recent sharp recovery move from 11-year lows.
NZD/USD 1-hourly chart
Technical levels to watch
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