Kiwi retreats from key resistance around 0.6150. – Crypto News – Crypto News
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NZD/USD his two-year lows near 0.6000 after US data NZD/USD his two-year lows near 0.6000 after US data

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Kiwi retreats from key resistance around 0.6150. – Crypto News

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3 years ago

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  • NZD/USD snaps two-day uptrend despite bouncing off intraday lows of late.
  • One-month-old descending resistance line, 200-SMA prod Kiwi pair buyers.
  • RSI conditions challenge bulls but immediate support line, 100-SMA restrict intraday fall.

NZD/USD picks up bids to consolidate intraday losses, the first in three days, as it rises to 0.6135 during early Monday. That said, the Kiwi pair reversed from a one-month-old descending resistance line to begin the key week comprising New Zealand growth numbers, the Federal Open Market Committee (FOMC) monetary policy decision and the US inflation.

Apart from a downward-sloping resistance line from May 11, close to 0.6135 by the press time, the overbought RSI (14) line also challenges the NZD/USD buyers.

It should be noted that the Kiwi pair’s upside past 0.6135 needs validation from the 200-SMA hurdle of around 0.6175 to convince the bulls. Following that, highs marked during late May, around 0.6305, will be in the spotlight.

On the flip side, an upward-sloping support line from the last Wednesday, near 0.6120 by the press time, limits the adjacent fall of the NZD/USD pair, Also acting as a downside filter is the 100-bar SMA, close to 0.6100 at the latest.

In a case where the Kiwi pair drops below 0.6100, an ascending trend line from May 31, near 0.6040 as we write, will act as the bears’ last defense.

Overall, NZD/USD teases buyers as the key week begins, despite witnessing multiple hurdles towards the north.

NZD/USD: Four-hour chart

Trend: Pullback expected

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