NZD/USD Price Analysis: On the way to 0.6985 horizontal hurdle
|- NZD/USD prints three-day uptrend, refreshes intraday high.
- Break of short-term resistance line, firmer Momentum favor bulls.
NZD/USD stays on the bid for the third consecutive, refreshing daily high around 0.6945 during early Monday. In doing so, the Kiwi pair crosses a downward sloping trend line from September 23 amid a firmer Momentum line.
The Same helps the pair buyers to aim for the 12-day-old horizontal area around 0.6985-80.
However, any further upside will be challenged by another horizontal resistance zone near 0.7030-35, stretched from September 22.
Should NZD/USD bulls remain dominant past 0.7035, the late September high near 0.7095 becomes important to watch.
Meanwhile, pullback moves will aim for a three-day-old support line near 0.6920 before the rising trend line from September 30 near 0.6885 probes the bears.
In a case where the NZD/USD sellers conquer the 0.6885 support, odds of witnessing a fresh yearly low, currently around 0.6805, can’t be ruled out.
NZD/USD: Hourly chart
Trend: Further upside expected
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