NZD/USD technical analysis: 200-HMA limits immediate upside, 0.6480 gains bears’ attention

• Weakness remains highlighted as the quote trails 200-HMA.
• Break of the latest low near 0.6480 can trigger a fresh downside.

Despite sustained trading beyond 0.6500, the NZD/USD pair portrays weakness as it remains under 200-HMA to 0.6510 ahead of European open on Friday.

With this, the pair can revisit 0.6500 mark while current month bottom around 0.6480 may restrict further declines.

In a case where bears keep dominating under 0.6480, October 2018 low surrounding 0.6425 and 0.6400 may become their favorites.

On the upside, 200-hour moving average (HMA) near 0.6525 acts as immediate resistance for the pair, a break of which can fuel it towards 0.6540 and a descending trend-line near 0.6550.

Should there be additional buying past-0.6550, 0.6575 and April month low around 0.6585 can question optimists.

NZD/USD hourly chart

Trend: Pullback expected