NZD/USD Price Analysis: Bulls firming the grip inside weekly rising channel

• NZD/USD picks up bids inside a bullish chart pattern.
• MACD challenges the upside momentum below immediate resistance line.
• December 17 top adds to the downside filters, bulls eye April 2018 peak.

NZD/USD buyers flirt with the 0.7300, up 0.08% intraday, during early Thursday. In doing so, the kiwi pair keeps trading inside an upward sloping trend channel established since Monday. However, bearish MACD conditions probe the upside momentum.

As a result, short-term NZD/USD bulls remain cautious unless breaking the nearby resistance line, at 0.7305 now, a break of which will direct the quote towards the upper-end of the channel, currently around 0.7340.

However, medium-term optimists are all set to challenge the April 2018 high of 0.7397 unless witnessing a downside break below the stated channel’s support line near 0.7260.

While a downside break of 0.7260 will recall NZD/USD sellers, at least for the short-term, the 0.7200 round-figure and December 17 top near 0.7170 will be tough challenges for them.

To sum up, NZD/USD is well in an uptrend, backed by a bullish formation. However, intermediate pullbacks can’t be ruled out.

NZD/USD hourly chart

Trend: Bullish