NZD/USD Technical Analysis: Manages to defend 3-month old ascending trend-line and stages a goodish rebound

   •  The pair once again managed to defend and stage a goodish bounce from a short-term ascending trend-line support, extending from Jan. 4 through Feb. /Mar. monthly lows.

   •  The intraday uptick helped the pair to recover the previous session’s slide to three-week lows and was being supported by bullish technical indicators on the 1-hourly chart.

   •  However, oscillators on 4-hourly/daily charts maintained their bearish bias and are yet to catch up with the positive move, warranting some caution for bullish traders. 

   •  Hence, it would be prudent to wait for a strong follow-through buying beyond the overnight swing high, around the 0.6825-30 region, before positioning for any further up-move.

   •  Alternatively, a convincing break through the mentioned trend-line support, leading to a subsequent fall below the very important 200-day SMA would mark a bearish breakdown.

   •  Below the said moving average support, currently near the 0.6735 region, the pair is likely to accelerate the slide towards the 0.6700 handle en-route the 0.6655-50 support area.

NZD/USD daily chart