NZD/USD Technical Analysis: bullish bias, eyes 0.68

The NZD/USD is currently trading at 0.6770, having clocked a low of 0.6754 earlier today.
The pair has charted higher lows and higher highs pattern in the last 24 hours, adding credence to the falling channel witnessed yesterday.
The stacking order of the 50-hour exponential moving average (EMA), above the 100-hour EMA, above the 200-hour EMA indicates the path of least resistance is on the higher side.
The 14-hour relative strength index is also reporting bullish conditions above 50.00.
The spot looks set to test the psychological hurdle of 0.68 in a day or two. The bullish setup would be invalidated if the spot dips below 0.6734, violating the higher low setup.

Omkar Godbole FXStreet Contributor

Hourly Chart

Trend: Bullish

NZD/USD

Overview:
    Last Price: 0.677
    Daily change: 13 pips
    Daily change: 0.192%
    Daily Open: 0.6757
Trends:
    Daily SMA20: 0.6617
    Daily SMA50: 0.6586
    Daily SMA100: 0.6655
    Daily SMA200: 0.6898
Levels:
    Daily High: 0.6768
    Daily Low: 0.6708
    Weekly High: 0.682
    Weekly Low: 0.6632
    Monthly High: 0.663
    Monthly Low: 0.6424
    Daily Fibonacci 38.2%: 0.6745
    Daily Fibonacci 61.8%: 0.6731
    Daily Pivot Point S1: 0.672
    Daily Pivot Point S2: 0.6683
    Daily Pivot Point S3: 0.6659
    Daily Pivot Point R1: 0.6781
    Daily Pivot Point R2: 0.6805
    Daily Pivot Point R3: 0.6842

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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