Technical Analysis: NZDUSD stays above key supports despite RBNZ-led pullback
NZDUSD pair's pullback from a two-week top, backed by RBNZ's dovish pause, fails to disappoint the bulls. The reason could be traced from the pair's ability to stay beyond 10-day SMA, needless to mention about a confluence of 61.8% Fibonacci retracement and 200-day SMA. Also portraying the bullish momentum is the upward sloping trend line from March 19. As a result, the bulls keep aiming 0.6600 with the monthly top near 0.6585 acting as an immediate upside barrier. It should be noted that 0.6500 could offer a trigger to the quote's fresh rise.
On the downside, a daily closing below the 10-day SMA level of 0.6450 could recall 0.6380 on the chart. Though, 200-day SMA and 61.8% Fibonacci offers a tough nut to break for the sellers around 0.6320 afterward. In a case where the NZDUSD prices slip below 0.6320, a three-month-old rising trend line, at 0.6230 now, offers additional support ahead of highlighting April month top near 0.6175.