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- NZD/USD Price Analysis: Renews fortnight high as bulls dominate past 0.6410 previous hurdle
NZD/USD Price Analysis: Renews fortnight high as bulls dominate past 0.6410 previous hurdle
- NZD/USD takes the bids to refresh a two-week high, prints three-day uptrend.
- Clear break of the 21-DMA, previous resistance line from April favor buyers.
- RSI, MACD also underpin bullish bias targeting monthly high.
NZD/USD extends the previous week’s recovery from a two-year low towards refreshing a fortnight high during Monday’s Asian session. That said, the Kiwi pair takes the bids to renew the multi-day top around 0.6450 by the press time.
In doing so, the quote crosses the previously key resistance level around 0.6410, comprising the 21-DMA and a downward sloping trend line from April 05.
The upside momentum also gains support from the bullish MACD signals and upward sloping RSI (14), not overbought.
As a result, the latest NZD/USD run-up eyes the monthly peak surrounding 0.6570. However, the 0.6500 threshold may offer an intermediate halt during the rise.
Alternatively, pullback moves below the 0.6410 resistance-turned-support, could once again drag the quote towards the weekly support line, around 0.6230 by the press time.
It should be noted, however, that NZD/USD weakness past 0.6230 will make it vulnerable to testing the monthly low near 0.6220 and raise doubts about the latest recovery moves.
NZD/USD: Daily chart
Trend: Further upside expected
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