- NZD/USD prepares for a bounce off near-term key support-confluence.
- 200-hour EMA limits immediate upside amid bearish MACD.
The NZD/USD pair’s latest pullback fails to slip beneath the confluence of important technical indicators as the quote seesaws near 0.6262 during early Thursday.
Among the key supports, 0.6260/57 area becomes the nearest one that is currently challenging sellers. The region comprises 21-hour exponential moving average (EMA), 38.2% Fibonacci retracement of downpour since September 25 and a descending trend-line since September 26.
Should prices decline below 0.6257, a two-day-old rising trend-line at 0.6233 holds the key to pair’s further south-run towards 0.6200 round-figure.
Meanwhile, a 200-hour EMA level near 0.6280 seems to be adjacent resistance to question pair’s upside, a break of which could escalate the recovery to September 27 top close to 0.6310.
In a case where the quote remains strong above 0.6310, 0.6330 and 0.6350 could become bull’s favorites.
NZD/USD hourly chart
Trend: Recovery expected
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