Technical Analysis: NZDUSD bulls battle 0.7180 hurdle on upbeat NZ catalysts

Technical Analysis: NZDUSD bulls battle 0.7180 hurdle on upbeat NZ catalysts

New Zealand's welcome Q1 employment figures joined RBNZ's cautious optimism, cited in the bi-annual FSR, to back the NZDUSD buyers. However, a downward sloping trend line from Thursday, near 0.7175, caps the kiwi pair's recovery moves from the monthly support line. It's worth mentioning that strong RSI and sustained trading beyond 200-SMA signal the pair's further upside towards a two-week-old horizontal resistance area around 0.7220. Should the NZDUSD bulls keep reins past-0.7220, which is less expected, the previous month's top near 0.7285 and the 0.7300 thresholds will be important to watch.

Meanwhile, pullback moves become meaningless beyond 0.7120 support confluence including short-term horizontal support line and monthly rising trend line. Also acting as the downside filter is the 200-SMA level of 0.7100. In a case where NZDUSD stays pressured below the 0.7100 round figure, the early April tops near 0.7070-65 should return to the chart.

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