NZD/USD grinds higher past 0.6200, mildly bid near 0.6225 during early Thursday, as it defends the Federal Reserve (Fed) inspired gains despite the latest pullback from the 100-DMA.
In doing so, the Kiwi pair stays firmer above a fortnight-long support line, as well as the 200-DMA. Adding strength to the upside bias could be the bullish MACD signals and the firmer RSI (14).
As a result, the NZD/USD price is likely to mark another attempt in crossing the 100-DMA hurdle of 0.6280, which in turn will highlight the 50-DMA resistance surrounding the 0.6300 threshold for the Kiwi pair buyers.
In a case where the quote remains firmer past 0.6300, the odds of its run-up towards challenging the mid-February high of near 0.6390 and then to the 0.6400 round figure can’t be ruled out.
Alternatively, NZD/USD pullback remains elusive unless the quote stays beyond the aforementioned immediate support line, close to 0.6200 by the press time.
Following that, the 200-DMA level of 0.6158 and the 0.6130 level may act as the last defenses of the buyers before directing the quote towards the monthly low of 0.6084.
Overall, NZD/USD is likely to grind higher but the road towards the north appears bumpy.
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