NZDUSD rebounded sharply from key support yesterday. Today, it holds above the 200-hour MA.

After tumbling lower yesterday, the NZDUSD found solid support near the 0.5882 to 0.5892 swing area, which has consistently acted as a key pivot point dating back to early May. The price bounce from that zone resulted in a higher daily close, a positive technical development that shifted momentum back toward the buyers.Today’s follow-through buying has been constructive, with the pair pushing above multiple key technical levels, including the 50% midpoint of the recent move down, as well as the 100-hour and 200-hour moving averages (blue and green lines). That run higher took the pair to a high of 0.6040 level, but more importantly, the corrective move during the US session found support right at the 200-hour MA, currently at 0.60104. That successful retest reinforces the technical significance of the 200-hour MA and keeps the bullish bias intact as long as the price stays above it.Looking ahead, the next upside target lies at the Thursday high near 0.60558, followed by a swing level resistance at 0.6064. Beyond that, the high prices from earlier in June form a resistance zone between 0.60788 and 0.60868, where the pair stalled on three separate occasions.As long as the price stays above the 200-hour MA, the bulls remain in control, with upside levels firmly in focus. A move back below that moving average, however, would weaken the rebound structure and reintroduce downside risk toward the 38.2% retracement of 0.59948 followed by the 100-hour MA (0.59824) or even the broken 50% retracement level (0.59664).