NZD/USD recovers notably after RBNZ rate hike, but stays in range below 0.6467 temporary top. Outlook is staying bullish for now, as NZD/USD is trying to draw support from head and shoulder neckline (ls: 0.6195, h: 0.6059, rs: 0.6211), as well as 55 day EMA (now at 0.6323). Another rise is in favor through 0.6467, sooner rather than later.
Either as a corrective rebound, or part of an up trend, rise from 0.6059 should target 0.6575 resistance zone, which is close to 38.2% retracement of 0.7463 (2021 high) to 0.6059 at 0.6595.
However, another decline, and sustained trading below 55 day EMA will invalidate this view and bring retest of 0.6059 low instead.
