NZD/USD Price Analysis: Slips below 1-week old ascending trend-line support

• NZD/USD surrendered early gains to one-month tops.
• The set-up support prospects for some intraday slide.
• The emergence of dip-buying might help limit losses.

The NZD/USD pair failed to capitalize on its early uptick to near one-month tops and has now retreated to the lower end of its daily trading range, around the 0.6085 region.

The intraday pullback now seems to have dragged the pair below a one-week-old ascending trend-line, with bears now challenging key pivotal support near 50-hour SMA.

Meanwhile, RSI and MACD indicators on the 1-hourly chart have just started drifting lower into the bearish territory, which supports prospects a further intraday downfall.

However, oscillators on 4-hourly/daily charts – though have been correcting from higher levels – maintained their bullish bias and warrant some caution amid weaker USD.

Hence, any meaningful slide might still be seen as an opportunity to initial fresh bullish positions and help limit the downside near the overnight swing lows, around the 0.6060 region.

Failure to defend the mentioned support might prompt some technical selling and drag the pair further towards the 0.6025 intermediate support en-route the key 0.60 psychological mark.

On the flip side, bulls are likely to wait for a sustained move back above the 0.6100 mark, possibly beyond the 0.6130 region (daily tops), before positioning for any near-term appreciating move.

NZD/USD 1-hourly chart

Technical levels to watch