NZDUSD is holding beneath the 200-period simple moving average (SMA) inside the upward sloping channel in the 4-hour chart. In momentum indicators, the RSI is sloping slightly up in the negative territory, while the MACD is moving sideways below the zero level, framing a neutral-to-bearish bias .
Should bullish dynamics dominate, the market might revisit the 20- and 40-period SMAs at 0.6660 and 0.6670 respectively. Above them, the area around 0.6725, which halted bullish movements in the past, could be another barrier in focus, while a steeper increase may overcome that point to test 0.6797.
Alternatively, if the price manages to drop further, penetrate the ascending channel, the next nearby support could come from the 0.6545-0.6552 area. A violation of this point may shift attention towards 0.6525 and 0.6510.
Summarizing, in the short-term picture, the upward move from 0.6510 is still active, and hence the outlook remains positive.
Origin: XM
