NZD/USD Price Analysis: Bulls battle 200-DMA around mid 0.7000s

• NZD/USD edges higher following the early Asian session run-up.
• Further gains envisioned as Momentum line backs, previous resistance breakout.
• Late June top adds to the upside filters, bears have a bumpy road ahead.

NZD/USD pares daily gains around 0.7055, up 0.40% intraday, amid Tuesday’s Asian session. In doing so, the kiwi buyers take a breather after marking over 40 pips of a jump on increasing odds of the RBNZ rate hike.

It’s worth noting that the 200-DMA probes the bulls amid recovering Momentum line.

Given the quote’s successful upside following its run-up past a three-week-old resistance line, now support, NZD/USD bulls remain hopeful of teasing the late June’s peak surrounding the 0.7100 threshold.

The pair’s upside past 0.7100 will be probed by 0.7115-25 horizontal area comprising lows marked during early May and June.

On the flip side, the resistance-turned-support around 0.7015 and the 0.7000 psychological magnet challenge the NZD/USD sellers’ entries.

Following that, an ascending support line from June 18, near 0.6950, precedes the yearly low of 0.6923 should gain the market’s attention.

NZD/USD daily chart

Trend: Further recovery expected