NZD/USD Price Analysis: Faces pressure near 0.7000, upside still intact

• A fresh bull cross from 20 and 200-period EMAs is pointing more upside ahead.
• Auctioning near 61.8% Fibo retracement signals that the upside is intact.
• Bulls need to violate 0.7000 for a firmer rally.

The NZD/USD pair has attracted some offers near the psychological resistance at 0.7000 and is oscillating near 61.8% Fibonacci retracement (placed from 21 October 2021 high at 0.7219 to January 28 low at 0.6529.), which is at 0.6954.

On the daily scale, the kiwi bulls have witnessed a strong upside move after violating the horizontal trendline plotted from the 24 December 2021 high at 0.6890. The trendline placed from January 28 low at 0.6529, adjoining the February 14 and February 24 low at 0.6593 and 0.6630 respectively will continue to cushion the major.

A fresh bull cross from 20 and 200-period Exponential Moving Averages (EMAs) at 0.6885 is signaling a positive impulsive wave going forward.

Meanwhile, the Relative Strength Index (RSI) is oscillating in a bullish range of 60.00-80.00, which coincides with other upside filters.

Violation of the psychological resistance at 0.7000 will expose the asset to an upside towards the round level resistance at 0.7050, followed by a 15 November 2021 high at 0.7082.

On the flip side, greenback bulls can be worthy if the asset drops below weekly lows at 0.6876 decisively, which will send the pair towards March 17 low at 0.6823. Breach of the latter will expose the asset to more downside near round level support at 0.6800.

NZD/USD daily chart