TODAY NZDUSD UPDATE : NZDUSD Price Analysis: Marches towards 0.7000 as bulls are firmer above 200 EMA
- Kiwi bulls are firmer above 200 EMA, seek a bull cross of 20 and 200-period EMAs for further validation.
- The RSI (14) looks to violate 60.00 on the upside which will add to the north side filters.
- The greenback bulls can be worthy if the asset settles below weekly lows.
TODAY NZDUSD UPDATE : The NZD/USD pair has been bounced back sharply led by sensing decent buying interest at the 200-period Exponential Moving Average (EMA), which is trading at 0.6882 at the press time. Kiwi bulls have regained the majority of the weekly losses as the asset initiated the week with a wide bearish tick.
On the daily scale, NZD/USD is closely trading at 61.8% Fibonacci retracement (placed from 21 October 2021 high at 0.7219 to January 28 low at 0.6529.), which is at 0.6954. The trendline placed from January 28 low at 0.6529, adjoining the February 14 and February 24 low at 0.6593 and 0.6630 respectively will continue to act as major support.
A bull cross is on the verge from the 20 and 200-period EMAs, which will add to the upside filters. Meanwhile, the Relative Strength Index (RSI) (14) looks to overstep 60.00, which will drive the asset higher.
TODAY NZDUSD UPDATE : For the upside, bulls need to surpass the weekly high at 0.6972, which will send the asset towards the psychological figure resistance at 0.7000, followed by the 19 November 2021 high at 0.7050.
Should the asset drops below weekly lows at 0.6876 decisively, greenback bulls will drag the pair towards March 17 low at 0.6823. Breach of the latter will expose the asset to more downside near round level support at 0.6800.
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