NZD/USD Price Analysis: Upside momentum fizzles beyond 0.6400
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- NZD/USD keeps the pullback moves from 21-day EMA.
- Tops marked on June 16 and 23 offer intermediate halt ahead of the monthly peak.
- 200-day EMA becomes the strong support ahead of key Fibonacci retracements.
- Comments from New Zealand Treasury favored the latest upside.
NZD/USD rises to 0.6432, intraday high of 0.6438, amid initial trading hours on Friday. The kiwi pair recently benefited from upbeat comments of New Zealand’s Treasury while extending recovery moves from 21-day EMA. Though multiple upside resistances question the bulls.
Among them, June 16 high around 0.6510 becomes the first one challenge further rise, a break of which could escalate the run-up towards Tuesday’s top of 0.6534.
If at all there prevails further rise past-0.6534, the monthly high of 0.6585 and 0.6600 round-figure could flash on their radars.
On the downside, a daily closing below 21-day EMA level of 0.6400 can fetch the quote towards 0.6323 key support comprising 200-day. However, any further weakness might not refrain from challenging May 27 top near 0.6230.
NZD/USD daily chart
Trend: Further recovery expected
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