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   “¢   After yesterday’s two-way move, the pair regained positive traction and built on Friday’s recovery move from over two-week lows. The pair climbed to a multi-day high, though seemed struggling to extend the momentum and remained capped below 50-day SMA.

   “¢   The mentioned region coincides with a descending trend-channel resistance, extending since early June and might continue to cap gains. Neutral technical indicators on the daily chart further add to investors’ indecision over the pair’s near-term directional move.  

   “¢   Hence, it would be prudent to wait for a sustained break through the said confluence resistance before positioning for any near-term up-move. Alternatively, weakness back below the key 0.65 psychological mark might negate prospects for a bullish breakout and prompt some fresh selling.
 

NZD/USD daily chart

NZD/USD

Overview:
       Last Price:  0.6542
       Daily change:  20  pips
       Daily change:  0.307%
       Daily Open:  0.6522
Trends:
       Daily SMA20:  0.6522
       Daily SMA50:  0.6582
       Daily SMA100:  0.6683
       Daily SMA200:  0.6935
Levels:
       Daily High:  0.6556
       Daily Low:  0.6514
       Weekly High:  0.6612
       Weekly Low:  0.6465
       Monthly High:  0.67
       Monthly Low:  0.6501
       Daily Fibonacci 38.2%:  0.6531
       Daily Fibonacci 61.8%:  0.654
       Daily Pivot Point S1:  0.6506
       Daily Pivot Point S2:  0.6489
       Daily Pivot Point S3:  0.6464
       Daily Pivot Point R1:  0.6548
       Daily Pivot Point R2:  0.6573
       Daily Pivot Point R3:  0.659