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NZD/USD Technical Analysis: Hits 7.5-week high, close above 200-day MA is bullish

NZD/USD hit a high of 0.9548 yesterday, the highest level since Feb. 1, and closed above the 200-day moving average (MA) for the first time since Dec. 31. 

The close above the long-term average is backed by the ascending 5- and 10-day moving averages. Further, the 14-day relative strength index (RSI) has breached the three-month range to the higher side. 

The NZD, therefore, could rise toward 0.9580 (Jan. 31 high). The bullish setup would be invalidated if the spot finds acceptance under the 10-day MA, currently at 0.9458. As of writing, the pair is trading at 0.6917, representing a 0.17 percent gain on the day. 

Daily chart

Trend: Bullish

 

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