NZD/USD bulls seeking a firm close above hourly 200 SMA

By FXStreet FXStreet (Guatemala) – NZD/USD is currently trading at 0.6338 with a high of 0.6340 and low of 0.6325.

NZD/USD has popped higher along with the Aussie and in the supply of the greenback across the board. The major has been in a sideways channel for the most part of the last few trading sessions with slight bullish bias.

The 200 SMA at 0.6322 is now being eroded here and a clean break of the level is required to confirm a bullish bias in the minor recovery of the drop from the 0.64 handle and post RBNZ dovish rhetoric and rate cut. We now now await the Fed’s decision on the 17th for further direction and will watch domestic data from the New Zealand economy until the next RBNZ meeting.

NZD/USD capped at channel resistance

Technically, 0.6340/50 is still capping upside attempts and immediate pressures may follow suit of the recent price action at the top of the channel ascending resistance. To the downside 0.6280 and 0.6250 guard 0.6220.
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Source:: FX Street