After tumbling lower yesterday, the NZDUSD found solid support near the 0.5882 to 0.5892 swing area, which has consistently acted as a key pivot point dating back to early May. The price bounce from that zone resulted in a higher daily close, a positive technical development that shifted momentum back toward the buyers.

Today’s follow-through buying has been constructive, with the pair pushing above multiple key technical levels, including the 50% midpoint of the recent move down, as well as the 100-hour and 200-hour moving averages (blue and green lines). That run higher took the pair to a high of 0.6040 level, but more importantly, the corrective move during the US session found support right at the 200-hour MA, currently at 0.60104. That successful retest reinforces the technical significance of the 200-hour MA and keeps the bullish bias intact as long as the price stays above it.

Looking ahead, the next upside target lies at the Thursday high near 0.60558, followed by a swing level resistance at 0.6064. Beyond that, the high prices from earlier in June form a resistance zone between 0.60788 and 0.60868, where the pair stalled on three separate occasions.

As long as the price stays above the 200-hour MA, the bulls remain in control, with upside levels firmly in focus. A move back below that moving average, however, would weaken the rebound structure and reintroduce downside risk toward the 38.2% retracement of 0.59948 followed by the 100-hour MA (0.59824) or even the broken 50% retracement level (0.59664).