Chart - Courtesy Trading View
NZD/USD was trading 0.31% higher on the day at 0.6311 at around 07:40 GMT.
The pair has paused downside at 200-DMA, weakness only on break below.
Price action supported by risk-on sentiment and general US dollar weakness.
Risk sentiment improved as China scrapped the COVID quarantine rule for inbound travelers.
Receding fears of hawkish central bank actions also added to the market optimism.
Technical bias for the pair is turning bullish. GMMA indicator shows major trend is bullish, while minor trend is turning bullish.
Momentum is turning bullish. RSI is above 50, while Stochs are on verge of bullish rollover from oversold levels.
Support levels:
S1: 0.6297 (21-EMA)
S2: 0.6245 (200-DMA)
Resistance levels:
R1: 0.6349 (20-DMA)
R2: 0.6462 (Upper BB)
Summary: NZD/USD bias remains bullish as long as pair holds above 200-DMA. Immediate resistance lies at 20-DMA. Decisive break above will fuel further upside in the pair.
