• NZD/USD remains pressured around intraday low inside weekly bullish channel.
• MACD, RSI joins pullback from 200-SMA to favor sellers.
• 100-SMA appears the last defense of buyers, the road to recovery seems bumpy.

NZD/USD struggles to defend the 0.6200 as it retreats to 0.6225 during Thursday’s mid-Asian session.

In doing so, the Kiwi pair justifies the previous day’s pullback from the 200-SMA amid the impending bear cross of the MACD, as well as recently downbeat RSI (14).

With this, the NZD/USD sellers approach the 0.6200 threshold, a break of which will defy the week-long bullish trend channel formation as the psychological magnet coincides with the ascending channel’s lower line.

Even so, the 100-SMA level of 0.6177 appears as the last defense of the pair buyers before directing them to the recently flashed multi-month low of 0.6060.

On the flip side, a clear break of the 200-SMA, at 0.6253 by the press time, could aim for the stated channel’s resistance line, close to 0.6300 at the latest.

Following that, 50% and 61.8% Fibonacci retracements of the June-July downturn, respectively around 0.6320 and 0.6380 could challenge the NZD/USD buyers.

Also acting as an upside filter is the June 16 swing high near 0.6400, a break of which could help the bulls to aim for the early June swing low surrounding 0.6460, as well as the previous monthly peak of 0.6576.

NZD/USD: Four-hour chart

Trend: Further weakness expected