NZD/USD Price Analysis: Bulls again cross 100-DMA with eyes on 0.6900
- NZD/USD regains upside momentum, picks up bids to reverse previous pullback from four-month high.
- RSI, MACD in better shapes to favor buyers in piercing the 200-DMA, horizontal area from November guards immediate upside.
- Two-week-old horizontal support challenges pullback moves before an ascending trend line from late January.
NZD/USD refreshes intraday high around 0.6850 as bulls return to the table during Tuesday’s Asian session.
In doing so, the Kiwi pair pierces the 100-DMA level following a pullback from the 15-week high the previous day.
It’s worth noting that the MACD and RSI conditions are better for the NZD/USD bulls to extend the latest break of the 100-DMA towards a horizontal area comprising multiple tops marked since late November 2021 around 0.6900.
However, the pair’s upside past 0.6900 depends on how it can conquer the 200-DMA level of 0.6930.
Meanwhile, pullback moves remain elusive until staying beyond a fortnight old horizontal support near 0.6810.
.Also acting as a downside filter is the 0.6800 threshold, the December 2021 low near 0.6700 and an upward sloping trend line from January 28, close to 0.6685.
Should the NZD/USD prices drop below 0.6685, bears won’t hesitate to challenge the yearly low surrounding 0.6530.
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.
