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15 Mar 2023

NZD/USD Price Analysis: Bulls run out of steam as key EMAs test upside near 0.6250

  • NZD/USD struggles to extend three-day uptrend near the highest levels in a fortnight.
  • 100, 200 EMAs restrict immediate upside even as trend line breakout, bullish MACD signals favor buyers.
  • Four-month-old horizontal area is the key downside support.

NZD/USD seesaws around 0.6235-30 during the early Wednesday morning in Asia-Pacific as bulls jostle with the key Exponential Moving Averages (EMA) to extend the three-day uptrend.

It should be noted, however, that the Kiwi pair’s latest run-up could be linked to a clear U-turn from the four-month-old horizontal support zone, around 0.6090-80, as well as clear upside break of the downward-sloping resistance line, now immediate support close to 0.6175.

Apart from the aforementioned catalysts, the bullish MACD signals also favor the NZD/USD upside.

However, the 100-day EMA precedes the 200-day EMA to restrict immediate upside of the Kiwi pair near 0.6240 and 0.6265 in that order.

Should the quote manages to remain firmer past 0.6265, the odds of witnessing a quickly run-up towards the 0.6300 threshold appears bright.

Following that, the mid-February swing high, close to 0.6390, holds the key to the NZD/USD bull’s further dominance towards poking February’s high near 0.6540.

Alternatively, a downside break of the resistance-turned-support near 0.6175 could lure the NZD/USD bears. Though, a sustained break of the horizontal area comprising multiple lows marked since November, near 0. 6090-80, will be necessary to push back the buyers.

Overall, NZD/USD is likely to rise further but the EMAs hold the gate for bulls.

NZD/USD: Daily chart

Trend: Further upside expected

 

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