NZDUSD is currently weighing on the 100-day simple moving average (SMA) around 0.7182, adjacent to a minor supportive trend line pulled from the 0.6942 low. The 200-day SMA is protecting the broader positive structure, while the 50- and 100-day SMAs are promoting a short-term neutral-to-bullish demeanour.
The short-term oscillators are indicating that positive sentiment is currently struggling. The MACD is weakening below its flattening red trigger line, which is not too far above the zero threshold. The fragile RSI is only just beneath the 50 level and the stochastic oscillator is becoming increasingly negative.
If the support zone from the 100-day SMA at 0.7182 until the 50-day SMA at 0.7140 fails to prevent the price from breaking below the short-term ascending line, the pair may then meet the 0.7098 barrier, which happens to be the 38.2% Fibonacci retracement of the up leg from 0.6510 until 0.7464. Managing to sink the price further, sellers may then challenge the critical support base of 0.6942-0.7000, which also encapsulates the 200-day SMA. Another leg lower could shift the bias to bearish as the price heads to the 61.8% Fibo of 0.6876.
If the 100- and 50-day SMAs together with the diagonal support provide necessary traction to redirect the price over the 23.6% Fibo of 0.7239, early upside friction could transpire from the 0.7306 border. Recapturing the area above the aforementioned barrier could bolster upside momentum to test the resistance zone of 0.7437-0.7464. Piloting past the multi-year peak of 0.7464 may then navigate the price towards the resistance boundary of 0.7524-0.7577, involving three rally peaks from September 2017, January and February 2018.
Summarizing, NZDUSD is sustaining a slight tilt to the upside aided by the 50- and 100-day SMAs and the diagonal line, despite subdued positive impetus.
