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NZDUSD pauses upside structure in near term


5 May 2021

NZDUSD is heading slightly up after the bounce off the 0.6940 support, hovering near the bullish crossover within the 20- and 40-day simple moving averages (SMAs). Technically, the indicators are showing mixed signals in the near term. The RSI is moving sideways near the neutral threshold of 50, while the MACD is declining below its trigger line but is still above the zero level. The stochastic is trying to exit from the oversold zone, indicating an upside movement.

If the price continues today’s positive momentum, the next resistance could come from the 0.7268 barrier before jumping towards the three-and-a-half-year high of 0.7463. Above this crucial line, the high from July 2017 at 0.7557 could halt the bullish rally.

On the other side, the selling interest may start if the price falls beneath the 40-day SMA and the 0.7100 psychological mark. The 23.6% Fibonacci retracement level of the up leg 0.5470-0.7463 at 0.6995 could come in focus before tumbling to the 200-day SMA, which stands near 0.6940. Steeper declines could open the way for a bearish correction, meeting 0.6800.

In conclusion, NZDUSD will continue the bullish tendency if there is a successful attempt above 0.7268. Otherwise, a drop below the 200-day SMA may shift the bias to bearish.    

#source

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