- February 23, 2021
- Posted by: Analysis Team
- Category: Forex News
NZD/USD is sidelined near 0.7330 at press time, having closed above the Jan. 5 high of 0.7315 on Monday.
The daily chart shows Monday’s close has established a bullish higher high in continuation of the broader uptrend.
However, the 14-day Relative Strength Index is yet to exit the bearish channel. Should that happen, the focus would shift to the psychological resistance of 0.75.
A close under the former hurdle-turned-support at 0.7315 would invalidate the immediate bullish bias. The outlook will turn bearish when the pair finds acceptance under the ascending 50-day Simple Moving Average, currently at 0.7183. That pair created a higher low along that SMA support at the end of January.