- The NZD / USD remains poised for a further rally.
- The 1 hour chart shows a bullish crossover.
- The RSI remains in overbought conditions.
The NZD / USD is looking to extend its breakout to the upside after a brief consolidation stage, thanks to the widespread weakness of the US dollar, upbeat sentiment and a favorable technical setup.
The 1 hour chart of the NZD / USD shows a bullish double crossover, pointing to additional gains for the pair.
The bullish 21-hour SMA has risen above the horizontal 200-hour SMA. At the same time, the 50 hourly SMA has crossed above the 100 SMA, supporting the upside breakout of the bullish consolidation in the Asian session.
At time of writing, the NZD / USD is up 0.57% on the day at 0.7213, heading towards Wednesday’s high of 0.7248.
The RSI is rising within the overbought region, which warrants caution for the bulls. But the path of least resistance seems to the upside.
On the other hand, the bullish 21-hour SMA at 0.7182 could offer strong support should the price attempt a pullback.
NZD / USD 1 hour chart
NZD / USD technical levels
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