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  • 50-hour EMA, short-term descending trend-line limits the immediate upside of the NZD/USD pair.
  • RSI signals less strength in momentum during the upside attempts.

Given the NZD/USD pair’s sustained trading below 50-hour exponential moving average (EMA) and a 5-day long descending, chances of its further weakness can’t be denied as it seesaws near 0.6626 amid initial Asian trading on Tuesday.

Not only technical resistances but the weakness of 14-bar relative strength index (RSI) during upside attempts also favors chances of the pair’s decline.

Recent low surrounding 0.6617 and 0.6600 can offer immediate support to the quote ahead of highlighting May 27 high of 0.6560.

On the upside, 0.6633 and 0.6642, comprising aforementioned trend-line and EMA respectively, can question short-term buyers ahead of pleasing them with an early last-week low near 0.6665.

Additionally, pair’s further rise beyond 0.665 enables it to challenge 61.8% Fibonacci retracement near 0.6680 and then aim for 0.6700 round-figure.

NZD/USD hourly chart

Trend: Bearish