NZD/USD Technical Analysis: 50-day EMA could be put to test again

• The NZD/USD pair is looking to clear the 200-hour exponential moving average (EMA) of 0.6535, having witnessed a falling channel breakout earlier today. The hourly relative strength index (RSI) is biased bullish above 50.00.
• More importantly, the bullish setup on the hourly chart adds credence to Friday’s long-tailed candle.
• Hence, the NZD/USD pair could rise above 0.6533 (Friday’s high) in the next few hours and may re-test of the 50-day EMA of 0.6588 in the next 24 hours or so.

Hourly Chart

Spot Rate: 0.6532

Daily High: 0.6535

Daily Low: 0.6514

Trend: Bullish

Resistance

R1: 0.6534 (10-day EMA)

R2: 0.6588 (50-day EMA)

R3: 0.66 (psychological level)

Support

S1: 0.65 (zero level)

S2: 0.6465 (Friday’s low)

S3: 0.6424 (Oct. 8 low)