Technical Analysis: NZDUSD rises over six-month top after China data
NZDUSD manages to cross the key 0.6580/85 horizontal resistance that has been restricting its upside since June 09. The pair now becomes capable of attacking January 24 high of 0.6629 while aiming for the mid-January month top near 0.6665 and 0.6700 threshold afterward. In a case where the bulls keep ignoring the overbought RSI conditions beyond 0.6700, the yearly top surrounding 0.66755 will be in focus.
On the downside, sellers will wait for entries below June 23 high near 0.6530. In doing so, 0.6480 and 0.6415 might please the bears ahead of diverting them to 0.6380/75 support zone that includes multiple lows marked since the mid-June. However, the pair's additional weakness past-0.6375 will be challenged by 200-day SMA and an ascending trend line from March, at 0.6330 now.