NZD/USD Price Analysis: Bulls stay on the way to 200-DMA around 0.6900
- NZD/USD grinds higher at weekly top, up for the fourth consecutive day.
- Monthly peak, 61.8% Fibonacci retracement add to the upside filters.
- Pullback remains elusive beyond 50-DMA, MACD favors buyers.
NZD/USD remains on the front foot around 0.6900 while printing a four-day winning streak during Friday’s Asian session.
In doing so, the Kiwi pair justifies the early-week bounce off the 50-DMA, as well as the following run-up beyond the 100-DMA, amid bullish MACD signals.
However, the 200-DMA level of 0.6915 challenges the NZD/USD bulls of late.
Also acting as the key upside hurdle is the monthly peak and 61.8% Fibonacci retracement (Fibo.) of October 2021 to January 2022 downside, respectively around 0.6930 and 0.6955.
Meanwhile, pullback moves may aim for the 50% Fibo. surrounding 0.6870 before dropping back to the 100-DMA level of 0.6810.
It should be noted, however, that an upward sloping trend line from late January and the 50-DMA, respectively around 0.6750 and 0.6730, will challenge the NZD/USD bears afterward.
In a case where the quote drops below 0.6730, it becomes vulnerable to test 2022 low near 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.
