NZDUSD made a recovery off the 0.6817 area, which is a level at the bottom of a multi-month range. On the 4-hour chart, the pair is slowly tracking higher in a slow sideways range. But the short-term outlook is looking bullish after a bullish signal was given by the crossing of the 20 and 50-period moving averages.
Immediate support is at 0.6944. A drop below this would see prices target the 20-period MA at 0.6923 and then from here the 50-period MA is at 0.6903. Further support lies at the November 6 low at 0.6874 before reaching the range-low at 0.6817.
Rising above the 0.6976 high would see prices push higher towards the key psychological 0.7000 level. A continuation in a rally would target another psychological level at 0.7200 ahead of the September 20 high of 0.7434.
Origin: XM
