- NZD / USD pulls back after hitting three-week highs, remains positive intraday.
- The 50 and 100 day SMAs limit the immediate rally even as the MACD shows the strongest bullish signals in seven weeks.
- The high from the end of March adds to the bullish filters, while the bears need a break to the downside of the previous resistance to open new positions.
The NZD / USD pair remains slightly higher at the start of the European session on Thursday, retreating to the 0.7150 region after hitting a new high since March 23 at 0.7159 earlier in the day.
The pair has been constrained by the confluence of the 50 and 100 day SMAs after the pair had the biggest intraday move in more than two months the day before.
However, the MACD is still at the highest level in seven weeks and thus the odds of the pair breaking to the upside of the key SMAs around 0.7150-60 are high.
Higher up, the round 0.7200 level and the March 18 high near 0.7270 should attract the NZD / USD bulls.
On the other hand, retracement moves may target the 0.7100 level before falling to early month highs near 0.7070.
However, any further weakness will be supported by the previous resistance line, around 0.7012, followed by the psychological level of 0.7000.
NZD / USD daily chart
NZD / USD technical levels
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