NZD/USD Price Analysis: Bulls eye 14-month-old resistance line despite latest pullback

NZD/USD eases after rising to the fresh high since April 2018.
Bulls cheered break of January’s top, sustained trading above 50-day SMA.
Further upside targets an ascending trend line from December 2019.

Anil Panchal FXStreet

NZD/USD slips below January’s top while trimming the early Asia gains to 0.21% intraday, currently around 0.7313, ahead of Monday’s European session.

Before a few hours, the kiwi pair rose to a fresh high since April 2018 after crossing January’s top of 0.7316 with a 0.7338 level. The following consolidation, though, defies the breakout while eyeing to revisit the six-week-old resistance line, now support, around 0.7265.

Though, any further weakness past-0.7265 will need to conquer the 50-day SMA level of 0.7183 to recall the NZD/USD sellers.

Meanwhile, successful trading beyond 0.7316 directs the bulls towards the multi-day-old resistance line, currently around 0.7385.

It should, however, be noted that the NZD/USD rise past-0.7385 will be challenged by the 0.7400 threshold as well as February 2018 peak near 0.7440.

NZD/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	0.7313
Today Daily Change	15 pips
Today Daily Change %	0.21%
Today daily open	0.7298

Trends
Daily SMA20	0.7206
Daily SMA50	0.7168
Daily SMA100	0.6989
Daily SMA200	0.6761

Levels
Previous Daily High	0.7316
Previous Daily Low	0.7203
Previous Weekly High	0.7316
Previous Weekly Low	0.7158
Previous Monthly High	0.7316
Previous Monthly Low	0.7096
Daily Fibonacci 38.2%	0.7273
Daily Fibonacci 61.8%	0.7246
Daily Pivot Point S1	0.7229
Daily Pivot Point S2	0.716
Daily Pivot Point S3	0.7116
Daily Pivot Point R1	0.7341
Daily Pivot Point R2	0.7385
Daily Pivot Point R3	0.7454

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.

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