The kiwi expand its recovery against its U.S peer during the middle session of Asia. Meanwhile, the NZD/USD is unable to move further the 0.7050 level and bounce back after it touched the aforesaid level.
During the EU session, the pair remained in a tight range that lies in the middle of 0.7000 and 0.7030. Another session of selling interest drove the New Zealand dollar downwards prior to the opening of the NY trades.
The price had a steep decline towards the 0.7000 range and extended its losses. According in the 4-hour chart, the price pushed the 50 and 100-EMAs higher and the 200-EMA was tested. It continued to struggle together with the neutral 200-EMA in the course of the EU hours. Moreover, the 50-EMA ascended, at the same time the 100-EMA moved southwards. Resistance touched the 0.7050, support is seen at 0.7000.
The indicators en route north around the bullish zone. The MACD histogram increased, favoring buyer’s strength. The RSI lies in overvalued territory.
The technical represents a bullish momentum. A The technical picture presents a bullish tone. A rapid price decline on top of the 0.7050 impedes the increase within the 0.7100 resistance level.