Technical Analysis: NZDUSD buyers remain hopeful despite recent pullback
Although the US dollar rebound dragged NZDUSD from 0.7300, the kiwi pair keeps the short-term triangle breakout. The bullish view also gains support from the MACD, even as RSI tests the buyers. Hence, a clear run-up beyond 0.7300 becomes necessary before expecting the quote to attack 61.8% Fibonacci Expansion (FE) of March-May upside, near 0.7355. In a case where NZDUSD bulls remain on the driver’s seat beyond 0.7355, the 0.7400 threshold and the yearly peak surrounding 0.7465 will be in focus.
Meanwhile, sellers can take entries below the recent swing low near 0.7260. Though, the confirmation of the pair’s further downside may not arrive unless the quote drops below the previous resistance line close to 0.7230. Following that, the pair’s drop to the monthly low near 0.7115 can’t be ruled out. During the fall, 0.7180 and the stated triangle’s support near 0.7160 can act as intermediate supports.
Join us on FB and Twitter to stay updated on the latest market events.