NZDUSD holds above key moving averages but 0.6040 remains stubborn resistance | Forexlive

After bouncing off strong support at 0.5882 on Monday after the weekend risk off selling from the US bombing of Iran over the weekend, the NZDUSD staged an impressive two-day rally, pushing above the 50% of the range from the May low at 0.5966, and both the 100-hour moving average (0.5984) and the 200-hour moving average (0.6007). This shift turned the short-term bias more bullish. However, the upside momentum ran into firm resistance at 0.6040, which has now stalled the price on three separate occasions, despite no major technical significance tied to the level. Sellers appear to be defending that zone aggressively.

Into the US session today, the pair retreated from 0.6040 but found support on a retest of the 200-hour moving average, suggesting that buyers are still interested on dips. Holding above this level remains critical for the bullish case.

Looking ahead, a move back above 0.6040 is needed to open the door for further upside toward the next resistance near 0.60558 to 0.60649. On the downside, if sellers regain control, watch for support at the 38.2% retracement at 0.59948 and then the 100-hour MA (0.5984) . A break below both would weaken the technical outlook.

Key levels:

• Support: 0.6007 (200-hour MA), 0.59948 (38.2% retracement), 0.5984 (100-hour MA)

• Resistance: 0.6040 (repeated highs), then 0.60558 – 0.60649

The market remains in a short-term consolidation with bullish lean, but a decisive break above 0.6040 is required to confirm renewed momentum.