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9 Mar 2023

NZD/USD Price Analysis: Snaps three-day downtrend as buyers poke 0.6130 hurdle

  • NZD/USD seesaws around intraday high while keeping the bounce off 3.5-month low.
  • 50-HMA, two-week-old horizontal resistance area restrict immediate run-up inside short-term bullish channel.
  • Oscillators suggest slower grind towards the north but buyers need validation from 0.6200.

NZD/USD pares weekly losses around 0.6120 amid the early Thursday morning in Europe. In doing so, the Kiwi pair prints mild gains while snapping the previous three-day downtrend, as well as keeping the early-day rebound from the lowest levels since November 17, 2022.

While portraying the quote’s latest rebound, an ascending trend channel from Tuesday gains major attention.

That said, the NZD/USD price currently pokes a convergence of the fortnight-long horizontal resistance area, as well as the 50-Hour Moving Average (HMA), around 0.6130 by the press time.

It’s worth noting, however, that the bullish MACD signals and the recently firmer RSI (14) hints at the Kiwi pair’s further recovery, which in turn highlights the stated bullish channel’s top line near 0.6140.

In a case where the NZD/USD price remains firmer past 0.6140, a downward-sloping resistance line from March 01, close to 0.6195 by the press time, lure the buyers, a break of which could quickly propel the quote towards the monthly high of 0.6277.

On the flip side, a clear break of the stated bullish channel’s bottom line, around the 0.6100 round figure, could trigger a south-run targeting the 0.6000 psychological magnet. Though, the early September 2022 low near 0.5995 can act as an extra filter towards the south.

Overall, NZD/USD remains on the bear’s radar despite the latest corrective bounce.

NZD/USD: Hourly chart

Trend: Limited recovery expected

 

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