“¢ The pair traded with a mild positive bias for the second consecutive session on Friday and built on its steady recovery from the post-RBNZ slide to six-month lows.
“¢ Bulls, however, failed to capitalize on the intraday momentum back above the 0.6600 handle and the pair started retreating from a resistance marked by 200-hour EMA.
Meanwhile, the pair now seems to have formed a firm base near 38.2% Fibonacci retracement level of the 0.6685-0.6526 recent downfall, which should now act as a key pivotal point for the pair’s near-term trajectory.
Technical indicators on the 1-hourly chart have been gaining some traction but are yet to catch up with the up-move on 4-hourly/daily charts and now seemed to be one of the key factors failing to inspire the bulls.
Hence, it would be prudent to wait for a convincing break through the mentioned barrier, currently near the 0.6610-15 region, and a subsequent move beyond 61.8% Fibo. resistance near the 0.6625 area before positioning for any further near-term recovery.
NZD/USD 1-hourly chart
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