NZDUSD Price Analysis: Pullback remains elusive beyond 0.6020

• NZDUSD retreats from a two-month high amid nearly overbought RSI.
• Sustained trading above 100-DMA, bullish MACD signals keep buyers hopeful.
• 61.8% Fibonacci retracement, 200-DMA level challenge further upside.

NZDUSD snaps a two-day uptrend to pare recent gains at the highest levels since September, down 0.80% around 0.6080 during early Monday morning in Asia.

In doing so, the Kiwi pair eases below the 61.8% Fibonacci retracement level of its June-October downside amid nearly overbought conditions of RSI (14).

Even so, NZDUSD defends the previous week’s breakout of the 100-DMA level surrounding 0.6020, which in turn joins the bullish MACD signals to keep the buyers hopeful.

Even if the quote breaks the aforementioned DMA support, a one-month-old ascending support line near 0.5870 and the early October swing high near 0.5815 will act as additional downside filters before welcoming the bears.

Alternatively, the 61.8% Fibonacci retracement level near 0.6170, also known as the Golden Ratio, could restrict the short-term NZDUSD upside.

Following that, tops marked during late August, around 0.6250, will precede the 200-DMA level near 0.6280, which could challenge the NZDUSD pair’s further upside.

Overall, NZDUSD remains on the buyer’s radar unless providing sustained trading below the 100-DMA.

It should be noted that a downward-sloping resistance line from June, close to 0.6350, appears the last defense of the NZDUSD bears.

NZDUSD: Daily chart

Trend: Limited downside expected