NZD/USD Technical Analysis: Short-term MAs turn bullish

5, 10-day moving average (MA) bullish crossover confirmed, the NZD/USD daily chart shows.
The MA crossover indicates a short-term bullish trend reversal in NZD/USD.

Omkar Godbole FXStreet Contributor

NZD/USD Daily chart

Spot rate: 0.6928

Daily Change: +0.14 percent

Daily high: 0.6937

Daily low: 0.6906

Trend: Bullish

Resistance

0.6974 (May 22 high)
0.70 (psychological level)
0.7053 (May 4 high)

Support

0.6915 (10-day MA)
0.6871 (May 17 low)
0.6851 (May 16 low)

The 5-day MA has crossed the 10-day MA in an NZD-positive manner, signaling a short-term bullish-to-bearish trend change. A similar crossover was seen in early April and had yielded a 140-pip rally in NZD/USD. NZD/USD could test immediate resistance located at 0.6974 (May 22 high).

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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