NZD/USD Technical Analysis: 200-day MA is again capping upside
Our preference: long positions above 0.6835 with targets at 0.6910 & 0.6935 in extension.Alternative scenario: below 0.6835 look for further downside with 0.6820 & 0.6800 as targets.
Powell’s dovish comments and the resulting USD sell-off pushed the NZD/USD pair above the falling channel hurdle yesterday.
The bull breakout indicates the path of least resistance is to the higher side.
The 200-day moving average (MA) hurdle, however, is putting brakes on the rally for the second time in two weeks.