NZD/USD: Bounce to persist towards 0.6260 and the 200DMA at 0.6310/0.6340 – SocGen

NZD/USD is climbing toward 0.6200. Economists at Société Générale expect the rebound to extend towards 0.6260, the 200-Day Moving Average at 0.6310/0.6340.

Defending 0.6060/0.6040 is essential to avert a short-term pullback

“Daily MACD is within positive territory which denotes upward momentum is regaining.”

“The bounce is likely to persist towards 0.6260 and the 200-DMA at 0.6310/0.6340. It would be interesting to see if the pair can establish itself beyond this MA.”

“Defending the lower limit of recent consolidation at 0.6060/0.6040 is essential for averting a short-term pullback.”