NZD/USD maintains positive momentum for a second day, rebounding from recent lows, though traders remain cautious as the pair tests the 100-SMA resistance near 0.5650 on the H4 timeframe.
NZD/USD is rising for a second straight session on Thursday, extending a rebound from the 0.5575 area, a three-week low. That momentum supports the pair, but the move is running into the 100-SMA hurdle near 0.5650 on the H4 chart, which could cap further gains. The setup favors modest upside unless resistance holds.
The 100-SMA hurdle near 0.5650 on the H4 chart.
The 0.5575 area, which was a three-week low.
The NZD/USD pair is extending its recovery for the second consecutive session, climbing away from the three-week low of 0.5575 reached earlier this week. Despite the bullish momentum, the pair faces a significant technical challenge as it approaches the 100-SMA hurdle on the four-hour chart near the 0.5650 level.
The 100-SMA on the H4 chart, currently positioned near the 0.5650 level, is acting as a significant resistance point.
The pair rebounded from the 0.5575 area, which marked a three-week low for the currency pair.