NZD/USD Price Analysis: Marching towards monthly high, 0.6800 next in line
|- NZD/USD seesaws near the two-week high after flashing intraday peak of 0.6780.
- Sustained trading beyond 21-day SMA keeps the buyers hopeful.
- Ascending trend lines from July and June may question run-up beyond 0.6800.
NZD/USD bulls catch a breather around 0.6770, up 0.23% on a day, during the early Friday’s trading. The kiwi pair earlier surged to 0.6780 and refreshed the highest since September 02.
The current up-moves take clues from the successful trading above 21-day SMA and an absence of overbought RSI conditions.
As a result, buyers are targeting a monthly high of 0.6790 and 0.6800 during the further rise.
However, the anticipated overbought conditions in the RSI around 0.6800 may probe the bulls afterward, if not then upward sloping trend lines from July 31 and June 09, respectively around 0.6825 and 0.6840, will be the key to watch.
Meanwhile, the July month’s high around 0.6715 can question NZD/USD pullback ahead of 21-day SMA and 50-day SMA supports, currently around 0.6680 and 0.6635 in that order.
Additionally, an ascending support line from May 15, at 0.6660, also becomes an important level to watch during the quote’s weakness below 0.6715.
NZD/USD daily chart
Trend: Bullish
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.