NZD/USD Price Analysis: Eyes 0.7250 amid bullish crossover
|- NZD/USD remains poised for additional upside.
- Hourly sticks chart bullish crossover.
- RSI remains in overbought conditions.
NZD/USD is looking to extend its break higher after a brief consolidative stint, thanks to the broad-based US dollar weakness, buoyant risk tone and favorable technical set up.
The kiwi’s hourly chart shows a double bullish crossover, which points to more gains in the offing.
The bullish 21-hourly moving average (HMA) pierced through the horizontal 200-HMA. At the same time, the 50-HMA crossed above the 100-HMA, backing the upside break from the Asian bullish consolidation.
At the time of writing, NZD/USD surges 0.66% on a daily basis to trade at 0.7216, heading towards Wednesday’s high of 0.7248.
The Relative Strength Index (RSI) is edging higher within the overbought region, warranting caution for the bulls. But the path of least resistance appears to the upside.
Alternatively, the bullish 21-HMA at 0.7182 could offer strong support should the price attempt a pullback.
NZD/USD: Hourly chart
NZD/USD: Additional levels
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