- NZD/USD remains poised to end the week higher.
- Additional gains for the pair if the price decisively breaks 200-DMA.
- Momentum oscillator holds onto the oversold zone with a positive bias.
NZD/USD edges higher on the last trading day of the week in the initial European trading hour. The pair opened lower but swiftly recovered to touch an intraday high of 0.7120.
At the time of writing, NZD/USD is trading at 0.7118, up 0.09% for the day.
NZD/USD daily chart
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On the daily chart, the NZD/USD pair has recovered from the low of 0.6805 made on August 20 to traveled back to the high of 0.7120 in today’s session.
Furthermore, if NZD/USD bulls have been trading above the 200-DMA while keeping their eye on the 0.7150 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) indicator trades in an oversold zone. Any uptick in the MACD could trigger more buying opportunities in the pair to reach the 0.7200 psychological level.
Next, the bulls would be moving in a fresh upside momentum to recapture the high of June 3 at 0.7242.
Alternatively, if price starts moving lower, it could test the 0.7080 horizontal support level followed by the low of September 1 at 0.7032.
NZD/USD bears would next target the 0.6995 horizontal support level.