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 around the psychological resistance level of 0.7000 and is bouncing near the 61.8 percent Fibonacci retracement level of 0.6954 (which corresponds to the period from the 21 October 2021 high of 0.7219 to the January 28 low of 0.6529).

On a daily basis, the kiwi bulls have seen a significant increase in price after breaching the horizontal trendline drawn from the high of 0.6890 on December 24, 2021, which was violated. The trendline drawn from the low of January 28 at 0.6529 and intersecting the lows of February 14 and February 24 at 0.6593 and 0.6630, respectively, will continue to provide support for the major.

A new bull cross between the 20-period and 200-period Exponential Moving Averages (EMAs) at 0.6885 indicates the beginning of a bullish impulsive wave in the near future.

The relative strength index (RSI) is swinging in a bullish range of 60.00-80.00, which corresponds to the range of other upward filters.

If the psychological barrier at 0.7000 is breached, the asset will be exposed to an upward move towards the round level resistance at 0.7050, which would be followed by a high of 0.7082 on 15 November 2021.

On the other hand, if the asset descends below weekly lows at 0.6876 in a sustained manner, the greenback bulls will be rewarded, as the pair will be sent towards the low of March 17 at 0.6823. If the latter condition is not met, the asset would be exposed to further downside approaching round level support around 0.6800.

NZD/USD daily chart