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NZDUSD rebounds off uptrend line; flirts with 0.73


3 March 2021

NZDUSD is continuing the rebound off the ascending trend line, overcoming the 20- and 40-day simple moving averages (SMAs) and moving towards 0.7300. The short-term bias looks positive as the MACD is trying to surpass its trigger line in the positive territory, while the RSI seems to be making its way up above its 50-neutral mark, though more progress is needed from both.

The three-and-a-half-year high of 0.7463 could be a trigger point for steeper bullish action. Higher, resistance could run towards the 0.7557 barrier, achieved in July 2017.

However, if the pair reverses to the downside, investors could challenge the uptrend line again around 0.7217. If the price continues to drop, support could next come somewhere between the 0.7100 psychological level and the 0.7155 hurdle. Even lower, the market could create a bearish correction flirting with the 23.6% Fibonacci retracement level of the upward wave from 0.5470 to 0.7463 at 0.6995.

In the medium-term picture, the bounce off the uptrend line confirmed the broader positive outlook. Chances for another bullish move are still rising as the 200-day SMA keeps moving up.

#source

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