Technical Analysis: NZDUSD battles monthly resistance line on the way to yearly top above 0.7300

Technical Analysis: NZDUSD battles monthly resistance line on the way to yearly top above 0.7300

Alike all major currency pairs, NZDUSD also benefits from the broad US dollar weakness during the early Tuesday. In doing so, the pair buyers attack an upward sloping resistance line from January 13, currently around 0.7260. Should the kiwi bulls manage to cross the immediate hurdle, backed by upbeat MACD, the quote may not hesitate to challenge the multi-month top marked in January around 0.7315. During the NZDUSD run-up beyond 0.7315, the April 2018 peak surrounding the 0.7400 threshold will be the key.

Meanwhile, a 200-SMA level of 0.7180 can test short-term sellers during the pair’s fresh pullback moves. However, any further weakness will be questioned by an ascending support line from January 18, at 0.7110 now. Also acting as the downside filters could be the lows marked the previous month around 0.7105 and 0.7095. Overall, NZDUSD is up for a fresh bull-run but buyers should wait for a clear run-up beyond 0.7260.

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