- May 25, 2021
- Posted by: Analysis Team
- Category: Forex News
- NZD/USD edges higher, attacks intraday top amid upbeat Momentum.
- Successful break of 200-HMA, weekly resistance line direct bulls towards two-week-old falling trend line.
- Multiple supports can test sellers ahead of monthly low.
NZD/USD extends Monday’s upbeat performance while taking bids near 0.7225, up 0.25% intraday, during early Tuesday’s trading. In doing so, the kiwi pair justifies the upside break of 200-HMA and a falling trend line from May 18.
With the strong Momentum line favoring NZD/USD bulls, the quote’s run-up towards another trend line resistance, around 0.7255, becomes imminent.
Though, any further upside needs to cross 0.7270 before challenging the monthly top near 0.7305.
Alternatively, pullback moves can be ignored until breaking the 0.7195 resistance-turned-support level.
Following that, 0.7180, 0.7150 and 0.7135 could entertain NZD/USD sellers ahead of directing them to the monthly low of 0.7115.
NZD/USD HOURLY CHART