Overview: From the view of the daily chart NZDUSD increased demand for the US dollar, the bulls need to clear the 0.6700 resistance in order to regain the upside momentum. The momentum of the pair is getting higher. Bulls are showing their aggression in the market. A sustained move over 0.6684 will indicate the presence of buyers. From the technical perspective, the spot continues to wave within a four-day –long rising channel. The bulls need to clear the 0.6700 resistance in order to regain the upside momentum. The pair is making higher high and higher lows. The bulls are making a positive momentum in the market and making higher swings. Also, the buyers remain hopeful, as the hourly relative strength index point north above the midline, currently at 54.57.
Technical Analysis: from the technical view of the market we can say that today range’s 0.6675-0. 6775. The pair is trading above all the major and minor EMA lines. A short-term uptrend channel is forming on the hourly chart. The NZDUSD key resistance at 6700 today. A break above 0.6725 is showing us a buying signal. The daily chart suggests approaching overbought territory in the market. We can find support 0.6661-0.6611 and the resistance level is 0.6730 followed by 0.6770.
The RSI is above the 50 levels which is favoring the bulls. A bullish crossover on MACD indicator is showing the strength in the pair.
Trade idea : Based on the chart and studies above we would suggest that go for buy at 0.6680 target is 0.6750 and 0.6800 level sell 0.6610
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