Search ForexCrunch
  • NZD/USD pulls back after refreshing three-week top, stays positive on intraday basis.
  • 50-day, 100-day SMAs guard immediate upside even as MACD flashes the strongest bullish signals in seven weeks.
  • Late March top adds to the upside filters, bears need a downside break of previous resistance for fresh entries.

NZD/USD trims early Asian gains while easing to 0.7141 during Thursday’s initial trading. The kiwi pair recently rose to the fresh high since March 23 before stepping back from 0.7159.

In doing so, the quote respects 50-day and 100-day SMA hurdles after the quote rose the most in two months the previous day.

However, MACD is still the strongest in seven weeks and hence odds of the pair’s upside break of the key SMAs around 0.7150-60 are high.

Following that, the 0.7200 threshold and March 18 top near 0.7270 should lure NZD/USD bulls.

Meanwhile, pullback moves may eye the 0.7100 round-figure ahead of the early-month tops near 0.7070.

Though, any further weakness will be tamed by the previous resistance line from February 25, around 0.7012, followed by the 0.7000 psychological magnet.

NZD/USD daily chart

Trend: Bullish

 

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.