NZD/USD Price Analysis: Weekly resistance line probes 200-HMA breakout above 0.7200

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Abstract：NZD/USD fades the previous day’s recovery moves after probing the weekly top. RSI, MACD look to ease upside bias, sellers can eye 0.7200 below the key HMA. Upbeat fundamentals from New Zealand, broad US dollar weakness favor the bulls.

　　Having recently probed the weekly high near 0.7240, NZD/USD recedes to 0.7224 during Wednesdays Asian trading. In doing so, the kiwi pair steps back from a falling trend line from December 06 while also keeping the upside break of 200-HMA, flashed the previous day.

　　New Zealands upbeat fundamentals, coupled with the US dollar index (DXY) weakness, join the sustained break of 200-HMA to keep NZD/USD buyers hopeful.

　　As a result, a short-term falling trend line from January 06, at 0.7233 now, is likely to be breached soon, which in turn poses threats to Fridays top near 0.7280 and the 0.7300 round-figure.

　　During the quote‘s sustained trading above the 0.7300 threshold, the multi-month high flashed early in January around 0.7320 and the March 2018 peak surrounding 0.7400 will be on the NZD/USD bull’s radar.

　　Meanwhile, a downside break below the 200-HMA level of 0.7218 will eye for the 0.7200 psychological support before challenging the monthly bottom surrounding 0.7145.

　　However, NZD/USD bears‘ dominance past-0.7145 will eye for the previous month’s low near the 0.7000 level.