NZD/USD technical analysis: 21/50 hourly EMAs challenge latest pullback
|- 5-day long support-line triggered the NZD/USD pair’s pullback.
- Short-term exponential moving averages (EMAs) limit the upside.
- RSI on the recovery mode from oversold conditions.
Even after bouncing off 5-day old support-line, NZD/USD is yet to offer a successful rise past key immediate EMAs as it trades near 0.6710 during early Wednesday morning in Asia.
With the 14-bar relative strength index (RSI) rising from oversold conditions, odds are in favor of the pair’s extended recovery towards latest high surrounding 0.6740. However, sustained trading beyond 0.6709/11 resistance confluence is a must for buyers to follow.
During the pair’s further upside beyond 0.6740, mid-April tops near 0.6785 can become bulls’ favorite.
Alternatively, a downside break of 0.6700 support-line can fetch the quote to 50% and 61.8% Fibonacci retracement of last one-week up-moves, around 0.6653 and 0.6633 respectively.
In case sellers dominate after 0.6633, 0.6600 and previous week low near 0.6570 could lure them.
NZD/USD hourly 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.