NZD/USD Price Analysis: 50-HMA, weekly rising channel restrict immediate declines

• NZD/USD witnesses pullback from monthly high.
• Normal RSI conditions, key supports could restrict further declines.
• The channel’s resistance limits the immediate upside.

NZD/USD pulls back from the monthly high to 0.6067, down 0.27% on a day, during the early Monday. Even so, the pair stays above 50-HMA and also inside a one-week-old rising trend channel.

In addition to the key supports, normal RSI conditions also fail to favor sellers unless the quote stays above 0.6060/55.

If at all the NZD/USD prices slip below 0.6055, 0.6000 and 200-HMA level of 0.5965 could lure the bears.

On the upside, 0.6100 is likely immediate resistance that the buyers may target during the fresh pullback.

Though, the aforementioned channel’s resistance line around 0.6145 could restrict the pair’s further recovery moves.

NZD/USD hourly chart

Trend: Bullish