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ByLCMS Traders FX Analysis Team

APR 28, 2021

NZD/USD bulls have been gradually gaining ever since the pair made a low of 0.6943 on March 25. The pair is currently trading at 0.72116 with immediate support levels at 0.7200 and 0.7177. The intraday resistance levels are at 0.7233 and 0.7274.

On the intraday chart, a bullish moving average crossover is present that may help bulls cross above the interim resistance and move towards the 0.7300 mark. The pair is above the mid-Bollinger band which is at 0.7117. The upper and lower bands are at 0.7268 and 0.6965 respectively. The RSI is at 57 while the MACD is above the zero line. Following the intraday charts, the odds in favor of a long trade. A decent buying entry would be at or near 0.7200 with a target of 0.7255 and a stop-loss at 0.7175.

Bulls need an intraday closing above 0.7240 to challenge the 0.7300 and 0.7360 resistance levels. On the downside, bears require sustained price action below 0.7120 to get back into the game.

NZD/USD Bulls Continue To Gradual Gains