NZD/USD Price Analysis: Bulls attack 0.6990 hurdle inside weekly rising channel

• NZD/USD pokes weekly high inside a bullish chart formation.
• Firmer RSI, sustained trading beyond the key HMAs keep buyers hopeful.
• Channel’s resistance, November 2021 peak will challenge further upside.

NZD/USD hovers around weekly top close to 0.6990, easing to 0.6980 heading into Friday’s European session.

Even so, the kiwi pair remains firmer inside a one-week-old ascending trend channel bullish formation.

That said, the pair’s successful trading above the 200 and 100 HMAs join firmer RSI, not overbought, to keep buyers hopeful of crossing the 0.6990 immediate hurdle.

Following that, the 0.7000 threshold and upper line of the stated channel near 0.7030 will lure the NZD/USD bulls.

Although the RSI is likely to turn overbought by reaching 0.7030, any further upside will be challenged by the mid-November 2021 peak surrounding 0.7080.

Alternatively, pullback remains elusive until the quote stay above the support line of the aforementioned channel, near 0.6950.

Also acting as the downside filter is the 100-HMA and 200-HMA level, respectively around 0.6935 and 0.6885.

Even if the NZD/USD bears conquer the 200-HMA support, the weekly low of 0.6864 will act as an extra filter to the south.

NZD/USD: Hourly chart

Trend: Further upside expected