NZDUSD rebounded sharply from a key support level yesterday and remains above the 200-hour moving average today

After yesterday’s decline, NZDUSD found solid support near the 0.5882 to 0.5892 range, an area that has served as a key pivot since early May. The price rebounded from this zone, resulting in a higher daily close—an encouraging technical development that shifted momentum back to the buyers. Today’s follow-through buying has been constructive, with the pair breaking through several key technical levels, including the 50% midpoint of the recent downtrend, as well as the 100-hour and 200-hour moving averages (blue and green lines). This upward move pushed the pair up to the 0.6040 level, but more importantly, the pullback during the US trading session found support at the 200-hour moving average, currently at 0.60104. This successful retest has reinforced the technical significance of the 200-hour moving average and maintains a bullish bias as long as the price remains above it. Looking ahead, the next upside target is near Thursday’s high at 0.60558, followed by resistance at 0.6064. Beyond that, the early June highs form a resistance zone between 0.60788 and 0.60868, where the pair has stalled three times. As long as the price stays above the 200-hour moving average, the bulls remain in control and the focus stays on the upside levels. However, if the price falls back below this moving average, it would weaken the rebound structure and reintroduce downside risks, targeting the 38.2% retracement at 0.59948, followed by the 100-hour moving average (0.59824) and even the 50% retracement at 0.59664.