NZD/USD Price Analysis: Trims NZ Q4 CPI-led gains above 0.7200

NZD/USD drops to 0.7211 while consolidating recent gains during Friday‘s Asian session. Even so, the kiwi pair marks 0.15% intraday upside, triggered mainly after New Zealand’s (NZ) upbeat fourth quarter (Q4) Consumer Price Index (CPI) data.

Although the recent pullback eyes to revisit 100-bar SMA, at 0.7196 now, bullish MACD and sustained trading beyond an ascending trend line from Tuesday as well as 200-bar SMA favor the NZD/USD buyers.

It should, however, be noted that a horizontal area comprising multiple highs marked since late-January 08, around 0.7240/45 restricts the quotes short-term upside.

As a result, NZD/USD traders should wait for a clear break of either 0.7196 or 0.7245 for fresh moves.

While an upside break of 0.7245 will target the monthly high of 0.7316, the quotes declines below 0.7196 will have to break the immediate support line, at 0.7163 now, followed by a 200-bar SMA level of 0.7148, to please sellers.