Technical Analysis: NZDUSD probes support-turned-resistance line after RBNZ-led losses

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Be it RBNZ's QE expansion or dovish comments by the policymakers, NZDUSD justifies it all with over 1.0% loss. However, the recent bounces off 0.6000 confront the previous support line stretched from April 23. As a result, the pair's recovery moves towards 0.6100 can be expected on the sustained break above 0.6030/35 support-turned-resistance. Though, the monthly top surrounding 0.6155 and the previous month high near 0.6175 can challenge the buyers afterward.

Meanwhile, an ascending trend line since April 03, 2020, at 0.5975, seems to offer additional support below 0.6000. Further, 61.8% Fibonacci retracement, at 0.5970, as well as April 23 low around 0.5910, are extra filters to the pair's downside in the direction to April monthly bottom near 0.5840.

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