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- NZD/USD Price Analysis: Approaches three-week-old resistance near 0.6850
NZD/USD Price Analysis: Approaches three-week-old resistance near 0.6850
- NZD/USD extends the previous day’s upside momentum, refreshes intraday high.
- Bullish MACD signals, successful trading above 21-DMA keep buyers hopeful.
- Three-month-old horizontal area, 50-DMA add to the upside filters.
NZD/USD takes the bids to refresh intraday high near 0.6845, up 0.20% on a day during Thursday’s Asian session.
The kiwi pair jumped the most in over a week the previous day while bouncing off 21-DMA. Additionally, bullish MACD signals and firmer RSI to keep NZD/USD buyers hopeful to revisit a three-week-old resistance line near 0.6850.
However, the kiwi pair’s further advances past 0.6850 will be challenged by a horizontal line near 0.6860 comprising September low and tops marked during late November.
In a case where the quote crosses the 0.6860 hurdle, the 0.6900 round figure and the 50-DMA level surrounding 0.6940 will lure the bulls.
Alternatively, a clear downside break of the 21-DMA level of 0.6788 will have multiple supports around 0.6735, portrayed by a short-term horizontal line, a break of which will direct NZD/USD bears towards the yearly low of 0.6701.
NZD/USD: Daily chart
Trend: Further upside expected
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