The cyclically-sensitive New Zealand Dollar looks set to extend its climb higher against its major counterparts, as multiple bullish technical setups begin to take place on several NZD crosses. Here are the key levels to watch for NZD/USD, NZD/JPY and GBP/NZD rates.

NZD/USD DAILY CHART – POISED TO EXTEND GAINS

NZD/USD rates may continue to push higher in the near term, as prices remain constructively perched above the psychologically pivotal 0.7000 mark and key support at the June 2018 high (0.7060).

With the RSI climbing back into overbought territory, and the MACD indicator hovering at its highest levels since late June, the path of least resistance remains skewed to the topside.

A daily close above the December 14 high (0.7120) would probably propel prices to probe resistance at the 50% Fibonacci (0.7172). Clearing that likely brings psychological resistance at 0.7200 into focus.

Alternatively, slipping back below 0.7050 could trigger a pullback towards the monthly low (0.7006), with a break below clearing a path for price to challenge confluent support at the 38.2% Fibonacci (0.6955) and Ascending Channel resistance-turned-support.

NZD/JPY DAILY CHART – EYEING PUSH TO FRESH YEARLY HIGHS

NZD/JPY rates also seem poised to extend recent gains, as prices continue to track firmly above all four moving averages and key support at the January high (73.35).

With the RSI holding above 60, and the MACD tracking above its neutral midpoint, a more extended topside push seems likely in the near term.

Gaining a firm foothold above the 61.8% Fibonacci (73.94) on a daily close basis would likely signal the resumption of the primary uptrend and clear a path for price to challenge the psychologically imposing 75.00 mark.

Conversely, slicing back below the January high (73.35) could generate a short-term correction towards confluent support at the monthly low (73.04) and the 21-day moving average. Breaching that would probably ignite a more extended pullback and bring the trend-defining 50-DMA into the crosshairs (71.97).

Reference by: Daniel Moss, Analyst for DailyFX