NZD/USD technical analysis: Stuck at 10-day MA hurdle, key indicator bullish for first since July 24

• NZD/USD’s daily MACD indicator has turned bullish for the first time since July 24.
• NZD/USD created a bullish engulfing candle on Tuesday.
• The pair could rise above the 10-day MA hurdle of 0.6344 during the day ahead.

NZD/USD faced rejection at the descending 10-day moving average (MA) hurdle of 0.6344 earlier today and is currently trading at 0.6329, representing marginal losses on the day.

The probability of the pair finding acceptance above the 10-day MA hurdle during the day ahead is high, as the daily chart moving average convergence divergence histogram – a widely-tracked trend-following indicator – has crossed above zero or turned bullish for the first time since July 24.

Further, the pair created a bullish engulfing candle on Tuesday, which occurs when the specific period’s price action engulfs the preceding period’s high and low.

Daily chart

Trend: Bullish

Pivot points