NZD/USD Price Analysis: Crosses immediate resistance line to regain 0.6650
- NZD/USD probes intraday high after bouncing off 100-hour EMA.
- Bulls may challenge a monthly peak during the further upside.
- Bears can take support from the key Fibonacci retracement levels.
NZD/USD rises to 0.6652, up 0.10% intraday, while heading into the European open on Tuesday. In doing so, the pair attacks the day’s high of 0.6655 while keeping its bounce off 100-hour EMA. Additionally, the quote also breaks a downward sloping trend line from Friday during the latest run-up.
With the trend line break joining strong RSI conditions, NZD/USD bulls are set to challenge the monthly peak surrounding 0.6675. Though, the 0.6700 threshold and July month’s high near 0.6715 can challenge the pair buyers afterward.
If at all the upside momentum stretches past-0.6715, the September month’s top close to 0.6800 will gain the market’s attention.
Meanwhile, a downside break below the previous resistance line, at 0.6650, will revisit the 100-hour EMA level of 0.6630.
It should, however, be noted that the pair’s downside below 0.6630 will have a tough time fighting the 50% and 61.8% Fibonacci retracement of the last week’s rise, respectively near 0.6610 and 0.6595.
NZD/USD hourly chart
Trend: Bullish
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.
