NZD/USD pokes intraday high during the latest run-up to 0.7170, up 0.37% on a day, amid early Wednesday.
The kiwi pair earlier jumped over 20 pips following the strong beat of the first quarter (Q1) employment figures from New Zealand. It’s worth mentioning that the Reserve Bank of New Zealand’s (RBNZ) bi-annual Financial Stability Review (FSR) struck mixed comments but were mostly ignored by the NZD/USD traders.
That said, the pair’s successful bounce off the 50-day SMA and one-month-old support line battles a short-term resistance amid recently bearish MACD signals.
Hence, an area between 0.7185 and 0.7120, comprising a nearby resistance line and a bit longer support trend line respectively, could keep teasing NZD/USD traders.
Inside the area, buyers can stay hopeful until the quote remains above the 50-day SMA level of 0.7140.
It should, however, be noted that a clear upside break of 0.7185–20 region will challenge April top around 0.7290 whereas a downside trading below 0.7120 could recall a support area surrounding 0.7070.