NZD/USD Needs to Surpass 0.6200 for More Bullish Actions
2022.11.23 09:12
NZD/USD is testing the 0.6200 psychological mark once again after it broke the long-term descending trend line to the upside.
The bullish bias in the short-term may be endorsed if there is a climb above the medium-term downtrend line and the 200-day simple moving average (SMA) at 0.6290. The MACD oscillator is mirroring the several tests for more bullish actions as the oscillator is moving sideways near its trigger line. However, the RSI is heading north approaching the 70 level.
To the upside, an initial important resistance region at 0.6200 must be penetrated to hit the 200-day SMA at 0.6290. Conquering this, the 0.6470 barrier could halt the climb towards the 0.6570 level, a break of which would shift the outlook to positive.
Otherwise, if sellers manage to close decisively below the long-term falling line and the 0.6000 handle, which overlaps with the 20-day SMA, the 50-day SMA at 0.5820 may challenge bears’ efforts to revisit the 0.5770 support level.
All in all, NZDUSD needs some more boost to surpass the immediate resistance of 0.6200 and the 200-day SMA to keep the bias to the upside.
