- The pos-RBNZ upsurge stalls near 61.8% Fibo. level resistance.
- The downside remains cushioned near 0.6375 confluence support.
The NZD/USD pair trimmed a part of its post-RBNZ upsurge to over one-week tops and witnessed a modest pullback from a resistance marked by 61.8% Fibonacci level of the 0.6466-0.6322 recent downfall.
The pair, however, managed to attract some dip-buying interest near a confluence support comprising of 200-hour SMA and 38.2% Fibo. level, albeit hotter-than-expected headline US CPI print capped the upside.
Meanwhile, technical indicators on the hourly chart have already eased from overbought conditions and maintained their bullish bias on 4-hourly/daily charts, supporting prospects for a further appreciating move.
However, it will be prudent to wait for some strong follow-through buying beyond the 0.6400 handle before bulls start positioning for an eventual move towards challenging the 0.6440-50 heavy supply zone.
Conversely, weakness below the mentioned confluence support – around the 0.6375 region – might negate the constructive outlook and turn the pair vulnerable to slide back towards the 0.6330-20 horizontal support.
NZD/USD 1-hourly chart
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