- February 17, 2021
- Posted by: Analysis Team
- Category: Forex News
- NZD/USD keeps bounce off immediate horizontal support.
- MACD turns in favor of the bulls, 200-HMA guards immediate upside.
NZD/USD holds onto recovery gains from 0.7182, intraday low, while taking rounds to 0.7200 during pre-European session trading on Wednesday. The quote recently reacted to the news from Auckland where New Zealand (NZ) Prime Minister Jacinda Ardern unveiled the reversal of the snap lockdown measures from Thursday.
Read: NZ PM Ardern: Auckland will exit lockdown on Thursday, move to level 2
Not only the fundamental news, but the recovery in MACD and the repeated bounces off 0.7181-78 area also favor the NZD/USD buyers.
However, the 200-HMA level of 0.7216 and the 0.7250-55 area challenges the quote’s short-term upside ahead of the 0.7300 threshold.
Should the NZD/USD prices rally past-0.7300, the yearly top surrounding 0.7315 will be the key to watch.
On the flip side, a break below 0.7178 will have to break below the 0.7135-30 support area, comprising the monthly low, to recall the NZD/USD sellers.
During the quote’s weakness past-0.7130, January’s low of 0.7096 will challenge the bears targeting the 0.7000 psychological magnet.
NZD/USD HOURLY CHART