NZD/USD Price Analysis: Bulls attack monthly hurdle surrounding 0.6350

• NZD/USD struggles to extend three-day uptrend around weekly top.
• One-month-old descending resistance line, 100-SMA probe buyers, 50-SMA restricts immediate downside.
• RSI, MACD conditions signal firmer upside momentum of late.

NZD/USD takes rounds to 0.6360 as it battles with the short-term key hurdle during Wednesday’s Asian session, after a three-day rebound from the two-year low.

In doing so, the Kiwi pair jostles with a downward sloping resistance line from late April amid firmer RSI and MACD conditions.

It’s worth noting that the 100-SMA level of 0.6405 also challenges the NZD/USD buyers, even if they manage to successfully cross the 0.6360 hurdle.

Following that, a run-up towards the 0.6500 and then to the monthly high near 0.6570 can’t be ruled out.

Alternatively, the 50-SMA level surrounding 0.6315-10 restricts the short-term downside of the NZD/USD pair ahead of the monthly low near 0.6215.

In a case where the pair drops below 0.6215, a late 2019 bottom around 0.6200 will be crucial to watch.

NZD/USD: Four-hour chart

Trend: Further upside expected