NZD/USD is currently trading at 0.6838, having hit a high of 0.6843 a few minutes before press time – the highest level since Feb. 28. Notably, the currency pair is trading in the green for the third straight day.
Daily chart
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As seen above, the bounce from the 200-day MA has trapped the bears on the wrong side of the market.
The pair had closed at 0.6768 last Wednesday, confirming a downside break of the three-month narrowing price range. The breakdown, however, has failed, and that seems to have invited strong bullish pressure.
Hourly chart
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The higher highs and higher lows on the hourly chart and the bullish crossover of the 50- and 200-hour moving averages (MAs) indicate the path of least resistance is to the higher side.
Trend: Neutral-to-bullish
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