NZD/USD Price Analysis: Renews fortnight high as bulls dominate past 0.6410 previous hurdle
|- NZD/USD takes the bids to refresh a two-week high, prints three-day uptrend.
- Clear break of the 21-DMA, previous resistance line from April favor buyers.
- RSI, MACD also underpin bullish bias targeting monthly high.
NZD/USD extends the previous week’s recovery from a two-year low towards refreshing a fortnight high during Monday’s Asian session. That said, the Kiwi pair takes the bids to renew the multi-day top around 0.6450 by the press time.
In doing so, the quote crosses the previously key resistance level around 0.6410, comprising the 21-DMA and a downward sloping trend line from April 05.
The upside momentum also gains support from the bullish MACD signals and upward sloping RSI (14), not overbought.
As a result, the latest NZD/USD run-up eyes the monthly peak surrounding 0.6570. However, the 0.6500 threshold may offer an intermediate halt during the rise.
Alternatively, pullback moves below the 0.6410 resistance-turned-support, could once again drag the quote towards the weekly support line, around 0.6230 by the press time.
It should be noted, however, that NZD/USD weakness past 0.6230 will make it vulnerable to testing the monthly low near 0.6220 and raise doubts about the latest recovery moves.
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.