NZD/USD Price Analysis: Bulls seek upside extension near 0.7150

• NZD/USD remains poised to end the week on a higher note.
• Pair trades above 100-day SMA and constitute a 30-pips movement to the north.    
• Momentum oscillator holds onto the oversold zone with a positive bias.

NZD/USD edges higher on the last trading day of the week in the initial European trading hour. The pair opened lower but swiftly recovered to touch an intraday high of 0.7124

At the time of writing, NZD/USD is trading at 0.7121, up 0.21% for the day.

NZD/USD daily chart

On the daily chart, the NZD/USD pair has recovered from the low of 0.6805 made on August 20 to travel back to the high of 0.7171 made on September 3. Thereafter, the price was corrected until 0.7076 on profit booking.

Now, NZD/USD bulls again attempt to carry the previous upside rally with the immediate target at the 0.7150 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades in an oversold zone. Any uptick in the MACD could trigger more buying opportunities in the pair to reach the 0.7200 psychological level.

Next, the bulls would be moving in a fresh upside momentum to recapture the high of June 3 at 0.7242.

Alternatively, if price starts moving lower, NZD/USD could test the 0.7080 horizontal support level followed by the low of September 1 at 0.7032.

Next, NZD/USD bears would target the 0.7000  horizontal support level.

NZD/USD additional levels