NZD/USD Price Analysis: A start of new rally beyond 0.6650?
- NZD/USD takes the bids near the intraday high, prints four-day winning streak.
- A sustained break of monthly resistance line just joined bullish MACD.
- 21-day SMA adds to the downside support, multiple upside barriers above 0.6700.
NZD/USD rises to the intraday high of 0.6660, up 0.30% on a day, during the early Friday’s trading. The kiwi pair closed beyond the monthly resistance line the previous day while flashing three-day winning streak. The gains get additional back-up as MACD turns bullish for the first time since July 30.
Bulls are currently targeting 0.6700 round-figures before confronting the July 31 top, also the yearly peak near 0.6715.
It should, however, be noted that the pair’s further upside will be questioned by December 2019 top surrounding 0.6755.
Meanwhile, the previous resistance, now support line, around 0.6615, can restrict the pair’s immediate pullback ahead of a 21-day SMA level of 0.6591.
Even if the pair drops below 0.6590, 0.6515, 0.6500 and the monthly low near 0.6490 could challenge the bears from entering.
NZD/USD daily chart
Trend: Bullish