NZD/USD Price Analysis: Bulls battle key hurdle above 0.7000


  • NZD/USD stays on the front foot near intraday high.
  • Sustained break of seven-week-old trend line backs bulls to attack immediate resistance line, 200-DMA acts as the key barrier.
  • Downside break of monthly horizontal support becomes crucial for seller’s entry.

NZD/USD picks up bids to 0.7017, up 0.47% intraday, following the RBNZ core inflation model-based data release on early Friday. In doing so, the Kiwi pair keeps the upside break of a downward sloping trend line from late May amid bullish MACD.

However, a short-term resistance line from late June guards the quote’s immediate upside around 0.7035.

Also challenging the NZD/USD bulls is the 200-DMA level of 0.7080, a break of which will rush to refresh the monthly top near 0.7105 ahead of challenging the early June’s low near 0.7125.

Meanwhile, a downside break of the previous resistance from late May, near 0.6980 should recall the bears but a confirmation from 0.6920 horizontal rest-zone will be needed to refresh the yearly low.

Overall, NZD/USD stays on the front foot, backed by good fundamentals, but needs a breakout to lure bulls.

NZD/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 0.7015
Today Daily Change 0.0031
Today Daily Change % 0.44%
Today daily open 0.6984
 
Trends
Daily SMA20 0.7004
Daily SMA50 0.7123
Daily SMA100 0.7131
Daily SMA200 0.7076
 
Levels
Previous Daily High 0.7046
Previous Daily Low 0.6965
Previous Weekly High 0.7106
Previous Weekly Low 0.6923
Previous Monthly High 0.7289
Previous Monthly Low 0.6923
Daily Fibonacci 38.2% 0.6996
Daily Fibonacci 61.8% 0.7015
Daily Pivot Point S1 0.6951
Daily Pivot Point S2 0.6917
Daily Pivot Point S3 0.687
Daily Pivot Point R1 0.7032
Daily Pivot Point R2 0.7079
Daily Pivot Point R3 0.7113

 

 

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