- December 24, 2020
- Posted by: Analysis Team
- Category: Forex News
- NZD/USD wavers around 0.7100, eases from intraday high off-late.
- Bullish MACD, sustained trading beyond six-week-old ascending trend line and 200-bar SMA favor buyers.
NZD/USD justifies recent failures to cross 0.7100 while easing to 0.7095, down 0.10% intraday, during Thursday’s Asian session. The kiwi pair bounced off 0.7030 to defy the previous downtrend observed since last Friday.
Even so, successful trading above an ascending trend line from November 13 and 200-bar SMA, amid bullish MACD, keeps the NZD/USD buyers hopeful unless witnessing a downside break of the 0.7000 threshold.
While sellers can eye the November 12 top near 0.6915 on the downside break of 200-bar SMA, at 0.7003 now, an intermediate pullback towards the short-term support line, currently around 0.7020, can’t be ruled out.
On the contrary, an upside clearance of 0.7100 will direct the NZD/USD bulls towards the monthly high near 0.7175.
Though, any further advances will be challenged by an upward sloping trend line from December 03 near the 0.7200 round-figure.
NZD/USD FOUR-HOUR CHART
Trend: Pullback expected