The NZDUSD reached a low of 0.6030 last week. On Monday, the pair broke below that level with downside momentum, only to rebound on Tuesday and retest the 0.6030 level, along with the falling 100-bar moving average on the 4-hour chart (blue line). Sellers leaned into that resistance and pushed the pair lower, driving it toward the 50% retracement of the rally from the May 12 low, which comes in near 0.5981.

Since then, the price has bounced and is once again testing the confluence of resistance near 0.6033—a zone that includes last week’s low, this week’s high, and the 100-bar MA on the 4-hour chart. This area marks a key decision point for both buyers and sellers.

A break above this zone with momentum would give buyers the upper hand and suggest a potential shift in short-term control. On the other hand, sellers could once again use this level to cap gains, with a move lower likely targeting the 50% retracement at 0.5981 once again.

For now, the market is waiting for a directional catalyst—the 0.6033 area is the battleground.