NZD/USD Price Forecast: Resistance at 0.5805 is likely to hold bulls  

• The New Zealand Dollar pulls back from highs near 0.5800 against the USD, but remains above 0.5750
• The US Dollar trims some losses as risk appetite eases ahead of the Fed meeting.
• NZD/USD faces significant resistance in the 0.5800 area.

 The New Zealand Dollar's recovery against the US Dollar stalled just below 0.5800 on Wednesday. The pair maintains a near-term positive trend intact so far, but the resistance area in the vicinity of 0.5800 is likely to pose a significant challenge for bulls.

The positive market mood seen in previous days is turning to caution as the US Federal Reserve's monetary policy decision approaches. Furthermore, comments from the Chinese Foreign Minister urging the US to take actions to keep supply chains stable have failed to support investors' appetite for risk.

Technical Analysis: Bulls need to break 0.5805 and 0.5850 resistances 

The technical picture shows the pair in a positive trend from mid-October lows at 0.5680, though the reversal from 0.5795 on the 4-hour chart suggests significant resistance in a former support area.

Looking from a wider perspective, the pair should break resistance at the mentioned 0.5800 area (October 9 high) and the October 6 high, at 0.5850 to break the bearish structure of lower highs and lower lows from mid-September highs, and aim for the area of 0.5915 (September 11 low).

To the downside, immediate support is at Tuesday's low of 0.5760, and the trendline support from October 14 lows, now at 0-5750. A confirmation below here would increase pressure towards the October 17 and 21 lows, at the 0.5710 area.