NZD/USD technical analysis: Breaks above 50-hour MA hurdle

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  • NZD/USD is currently trading above the 50-hour MA hurdle of 0.6582. 
  • With the hourly chart biased bullish, the pair looks set to rise above 0.66 in the next few hours. 

NZD/USD moved above the 50-hour moving average (MA) resistance of 0.6582 soon before press time, having built a base around 0.6566 over the last 24 hours.

The pair will likely find acceptance above the 50-hour MA and rise toward the 200-hour MA, currently located at 0.6604, in the next few hours, as the hourly chart relative strength index (RSI) is now reporting bullish conditions with an above-50 print. The indicator created a bullish divergence – higher low as opposed to a lower low on the price – on Wednesday.

The case for a rise to the 200-hour MA would weaken if the pair finds acceptance below 0.6566. That would invalidate the bullish divergence on the hourly chart RSI.

Hourly chart

Trend: Bullish

Technical levels

 

 

 

 

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