NZD/USD Price Analysis: Well bid above 0.7200, weekly triangle in focus

• NZD/USD extends 100-SMA breakout to refresh intraday top.
• Bullish MACD, risk-on mood directs bulls to short-term resistance line.
• 200-SMA adds to the downside filter below triangle’s support.

NZD/USD refreshes intraday high while taking bids near 0.7235, up 0.47% on a day, during early Tuesday. The kiwi pair recently crossed 100-SMA amid the risk-on mood and bullish MACD.

The pair buyers are well-directed towards the resistance line a one-week-old symmetrical triangle, near 0.7250.

However, any further upside beyond 0.7250 needs to cross the 0.7270 hurdle before targeting the monthly top of 0.7306. Also acting as the upside barrier is the January high close to 0.7315.

Meanwhile, pullback moves should break the 100-SMA level of 0.7217 before convincing the NZD/USD sellers to attack the triangle’s support line near 0.7190.

During the quote’s weakness below 0.7190, 200-SMA level of 0.7170 and the monthly low of 0.7115 will be in the spotlight.

NZD/USD four-hour chart

Trend: Further upside expected