NZD/USD Price Analysis: Bulls stay on the way to 200-DMA around 0.6900
|- NZD/USD grinds higher at weekly top, up for the fourth consecutive day.
- Monthly peak, 61.8% Fibonacci retracement add to the upside filters.
- Pullback remains elusive beyond 50-DMA, MACD favors buyers.
NZD/USD remains on the front foot around 0.6900 while printing a four-day winning streak during Friday’s Asian session.
In doing so, the Kiwi pair justifies the early-week bounce off the 50-DMA, as well as the following run-up beyond the 100-DMA, amid bullish MACD signals.
However, the 200-DMA level of 0.6915 challenges the NZD/USD bulls of late.
Also acting as the key upside hurdle is the monthly peak and 61.8% Fibonacci retracement (Fibo.) of October 2021 to January 2022 downside, respectively around 0.6930 and 0.6955.
Meanwhile, pullback moves may aim for the 50% Fibo. surrounding 0.6870 before dropping back to the 100-DMA level of 0.6810.
It should be noted, however, that an upward sloping trend line from late January and the 50-DMA, respectively around 0.6750 and 0.6730, will challenge the NZD/USD bears afterward.
In a case where the quote drops below 0.6730, it becomes vulnerable to test 2022 low near 0.6530.
NZD/USD: Daily chart
Trend: Further upside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.