NZD/USD Upwards Momentum Picks Up As the Bulls Move Pass the SMA-50 Resistance Line

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 AUG 4, 2021

NZD/USD Forecast

NZD/USD has broken above the bearish channel and is currently trading at 0.7070. The bulls have also managed to breach above the SMA-50 resistance line while the SMA-14 is at 0.6980. The RSI is at 56 and has an upwards curve. The MACD is also above the middle line and favors the bulls.

Currently, the breakout above the bearish channel suggests a further rise in the pair. The intraday and 4-hourly price patterns are in line with bullish momentum and favors buy entries using the following levels

Direction: Buy

Entry: 0.7045

Take Profit: 0.7090

Stop-Loss: 0.6995