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​Technical Analysis: NZDUSD justifies Monday's bullish spinning top to target 10-day SMA

NZDUSD sustains the recovery gains portrayed by Monday's bullish candlestick formation while oversold RSI adds strength to the odds favoring the pair's pullback. As a result, buyers can target 10-day SMA around 0.5900 as the immediate upside resistance ahead of watching over the 50% Fibonacci and 21-day SMA confluence near 0.6100. It should also be noted that 0.6000 psychological magnet can offer an intermediate halt during the run-up.

On the downside, the pair's daily closing below 0.5590 rules out the expectations of any recovery moves. Following that, the bears can target Thursday's low near 0.5470 as well as 0.5400 round-figure during the further south-run.

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