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  • The NZD/USD pair failed to capitalize on its goodish intraday bounce from fresh multi-year lows and failed ahead of the 0.6400 round figure mark.
  • The mentioned handle nears the top end of a short-term descending trend-channel formation and should act as a key pivotal point for traders.

Meanwhile, oscillators on hourly charts have also failed to gain any meaningful traction, rather held in the bearish territory and support prospects for further near-term depreciating move amid a goodish pickup in the USD demand.

However, lightly oversold conditions on the daily chart seemed to be the only factor holding bearish traders from placing any fresh bets in the wake of positive trade-related headlines and an intraday turnaround in the global risk sentiment.

However, a sustained breakthrough the mentioned trend-channel resistance, leading to a subsequent move beyond the 0.6420-25 supply zone is likely to trigger a short-covering move and lift the pair further towards the key 0.6500 psychological mark.

NZD/USD 4-hourly chart