NZD/USD technical analysis: Immediate horizontal resistance questions latest recovery

• The NZD/USD pair’s pullback from 50% Fibonacci retracement, 4H 100MA gains support from RSI rise off oversold territory.
• 13-day long horizontal-resistance, descending trend-line can limit immediate upside.

Having successfully recovered from 50% Fibonacci retracement of May-June upside, NZD/USD now aims to confront short-term horizontal resistance as it takes the rounds to 0.6640 during early Monday.

While 14-bar relative strength index (RSI) is increasing from oversold territory and can support the latest recovery, the immediate horizontal line around 0.6655 and 4-day long descending resistance-line at 0.6667 can question the pair’s increase.

Should buyers refrain from respecting 0.6667, 0.6700 and June-end top around 0.6730 can be on their radars.

On the flip side, 100-bar moving average on the 4-hour chart (4H 100MA) near 0.6623 can become adjacent support for the pair ahead of dragging it to 50% and 61.8% Fibonacci retracement levels of 0.6605 and 0.6575 respectively.

During the pair’s additional weakness below 0.6575, 0.6555 and 0.6515 may lure sellers.

NZD/USD 4-hour chart

Trend: Pullback expected