NZD/USD Price Analysis: Upside momentum fizzles below weekly resistance line

• NZD/USD recedes from three-day top despite bullish MACD.
• An ascending trend line from May 25 also favors the buyers.
• Monthly top near 0.6585 stays on the bulls’ radars.

NZD/USD retreats from the intraday high of 0.6503 to 0.6490 amid the Asian session on Tuesday. In doing so, the kiwi pair steps back ahead of the short-term resistance line while portraying the failures to stay beyond 0.6500 threshold. Even so, a three-week-old rising trend line and bullish MACD signals keep the upside buyers hopeful.

As a result, the pair’s sustained rise beyond the immediate resistance line near 0.6510 becomes necessary for the quote to challenge the monthly high surrounding 0.6585.

If at all the bulls manage to stay beyond 0.6585, 0.6600 and mid-January tops near 0.6665/70 should return to the charts.

Meanwhile, the pair’s declines below the stated support line, currently around 0.6400, will require validation from the downside break below Monday’s bottom of 0.6380 to push sellers towards the late-May tops surrounding 0.6230.

NZD/USD four-hour chart

Trend: Bullish