NZD/USD Technical Analysis: Up for third straight day, bears trapped on wrong side

NZD/USD is currently trading at 0.6838, having hit a high of 0.6843 a few minutes before press time - the highest level since Feb. 28. Notably, the currency pair is trading in the green for the third straight day. 

Daily chart

As seen above, the bounce from the 200-day MA has trapped the bears on the wrong side of the market. 

The pair had closed at 0.6768 last Wednesday, confirming a downside break of the three-month narrowing price range. The breakdown, however, has failed, and that seems to have invited strong bullish pressure. 

Hourly chart

The higher highs and higher lows on the hourly chart and the bullish crossover of the 50- and 200-hour moving averages (MAs) indicate the path of least resistance is to the higher side. 

Trend: Neutral-to-bullish