NZD/USD Price Analysis: Kiwi bulls renew March’s high at 0.6980

• NZD/USD has renewed monthly and yearly high at 0.6975.
• A bull cross, represented by the 100 and 200-period EMAs crossover on the upside, points to more gains ahead.
• The RSI (14) has shifted in a bullish range of 60.00-80.00, which adds to the upside filters.

The NZD/USD pair has witnessed a firmer move towards the north after violating January 13 high and March 7 high at 0.6891 and 0.6926 respectively. The pair has recorded a fresh monthly and yearly high at 0.6975 on Tuesday.

On a 4-hour scale, NZD/USD is auctioning in a rising channel formation, in which every pullback towards the lower end is considered as a buying opportunity by the market participants and a fresh impulse wave initiates towards the upper end. The upper end of the rising channel is placed from 30 December 2021 high at 0.6858 and the lower end is marked from January 28 low at 0.6529.

The 100 and 200-period Exponential Moving Averages (EMAs) at 0.6832 and 0.6795 respectively are scaling higher, which adds to the upside filters.

The Relative Strength Index (RSI) (14) has entered into a bullish range of 60.00-80.00, which signals a continuation of a firmer rally ahead. The oscillator is not indicating any sign of divergence and overbought.

Should the asset test its old resistance of March 7 high at 0.6926, kiwi bulls may witness build-up of fresh bids, which will drive the pair higher towards the round level at 0.7000, followed by the upper end of the rising channel at 0.7050, which coincides with 18 November 2021 high.

On the flip side, bulls can lose momentum if the asset slips below Tuesday’s average traded price at 0.6909, which will drag the pair to the 100 and 200-period EMA at 0.6832 and 0.6795 respectively.

NZD/USD four-hour chart