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- NZD/USD Price Analysis: Retreats towards weekly support around 0.6750
NZD/USD Price Analysis: Retreats towards weekly support around 0.6750
- NZD/USD marks another pullback from seven-week-old descending resistance line.
- Bullish RSI play, weekly support line defends buyers.
- Multiple hurdles above 0.6800 to test upside past nearby trend line.
NZD/USD stays pressured near intraday low around 0.6770, paring the recent gains near the weekly top during Thursday’s Asian session.
In doing so, the kiwi pair extends the previous day’s failures to cross the resistance line from mid-January.
However, a weekly support line joins the bullish RSI signals, as higher lows on prices join higher lows of the RSI line, to keep buyers hopeful.
Hence, the latest pullback remains elusive until breaking the one-week-old support line, around 0.6750 by the press time.
Following that, a downward trajectory towards the 200-SMA and an upward sloping support line from January 28, respectively near 0.6680 and 0.6665, can’t be ruled out.
On the flip side, recovery moves will again aim for the stated resistance line from January, near the 0.6800 threshold.
Following that, highs marked in February and late January, around 0.6810 and 0.6825-30 in that order, will challenge the NZD/USD buyers before directing them to the 0.6900 round figure.
NZD/USD: Four-hour chart
Trend: Further upside expected
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