NZD/USD Price Analysis: Testing the demand area in a range of 0.6800-0.6810

• Kiwi bulls await a range shift from the RSI (14) in 60.00-80.00 area.
• The 50 EMA will continue to act as major support going forward.
• Decisive closing above the trendline placed from 0.6926 will add to the upside filters.

The NZD/USD pair has established ground in a range of 0.6800-0.6810 after sensing significant offers from March 7 high at 0.6926. The major is looking for a technical trigger to activate a fresh impulse wave on the upside.

On a four-hour scale, NZD/USD is testing the demand area, which coincides with March 2 high and March 8 low at 0.6800 along with February 23, March 3, and March 4 highs at 0.6810. The pair has sensed barricades near the trendline placed from March 7 high at 0.6926. The 50-period Exponential Moving Average, which is trading near 0.6800 at the press time, is likely to act as a major floor for the asset.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a range of 40.00-60.00, which indicates a consolidation in the coming session. For a fresh rally, the RSI (14) would require to shift into the bullish range of 60.00-80.00.

Following the successful test of the demand area in a range of 0.6800-0.6810, the pair will approach March 7 average traded price and high at 0.6865 and 0.6926 respectively.

On the contrary, bears can lead the major if it slips below the 50 EMA at 0.6800 decisively. This will trigger sellers and the pair can tumble towards March 4 low at 0.6767 and March 1 low at 0.6740.

USD/CHF four-hour chart