NZD/USD Price Analysis: Battles key resistance lines around 0.6650
- NZD/USD struggles between monthly and three-week-old descending trend lines.
- Bullish cross of the MACD line, sustained trading above 10-DMA favor buyers.
- Early January lows, 50-DMA could lure bulls, weekly horizontal support limit pullback moves.
NZD/USD bulls fail to cheer the one-month-old trend line breakout near 0.6650 during the third positive day amid Wednesday’s Asian session.
Although bullish MACD signals and clear trading beyond the 10-DMA keeps NZD/USD buyers hopeful, a sustained run-up beyond the descending trend line from January 18, around 0.6655, becomes necessary to justify the recent breakout of the monthly resistance line.
Following that, early January month’s low and 50-DMA, respectively near 0.6735 and 0.6750, will be in focus.
Alternatively, pullback moves remain elusive beyond the resistance-turned-support line near 0.6645.
Also restricting short-term NZD/USD declines is the 10-DMA and one-week-long horizontal area, around 0.6615 and 0.6605, in that order.
To sum up, NZD/USD grinds higher amid a quiet Asian session, with buyers having an upper hand.
NZD/USD: Daily chart
Trend: Further upside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
