NZD/USD Price Analysis: Recovery moves attack weekly hurdle above 0.7100

NZD/USD stays on the front foot around intraday top.
Momentum rebound favors bulls to cross immediate resistance line inside falling wedge bullish pattern.
Key SMA confluence adds filters to the corrective pullback.

Anil Panchal FXStreet

NZD/USD remains well bid near the intraday top of 0.7140, up 0.23% on a day, during early Wednesday. The kiwi pair dropped to the fresh low since April 14 the previous day before bouncing off 0.7105.

The corrective pullback battles a one-week-old resistance line near the lower end of the three-week-long falling wedge bullish formation.

As the upward sloping Momentum line backs recent recovery, the quote is likely to cross the immediate hurdle around 0.7140, which in turn could escalate the run-up towards 0.7165.

However, any further upside will be tested by the stated wedge’s resistance line close to 0.7200, quickly followed by a convergence of 100 and 200-SMAs surrounding 0.7210-15.

On the flip side, descending support line from May 21, forming part of the falling wedge, could test the pullback moves close to the 0.7100 threshold.

In a case where the NZD/USD bears keep controls past 0.7100, the early April highs near 0.7070 should return to the chart.

NZD/USD four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.7136
Today Daily Change	15 pips
Today Daily Change %	0.21%
Today daily open	0.7121

Trends
Daily SMA20	0.7208
Daily SMA50	0.719
Daily SMA100	0.7181
Daily SMA200	0.7035

Levels
Previous Daily High	0.7161
Previous Daily Low	0.7105
Previous Weekly High	0.7244
Previous Weekly Low	0.7115
Previous Monthly High	0.7317
Previous Monthly Low	0.7115
Daily Fibonacci 38.2%	0.7126
Daily Fibonacci 61.8%	0.714
Daily Pivot Point S1	0.7097
Daily Pivot Point S2	0.7073
Daily Pivot Point S3	0.7041
Daily Pivot Point R1	0.7153
Daily Pivot Point R2	0.7185
Daily Pivot Point R3	0.7209

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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