NZD/USD Price Analysis: 200-DMA guards immediate upside around 0.7100

• NZD/USD remains sidelined at the 11-week top, pauses five-day uptrend.
• RSI conditions hint at the pullback to previous resistance line from July.
• Descending trend line from late February adds to the upside filters.

NZD/USD fades upside momentum during a choppy Asian session on Friday. Even so, the Kiwi pair seesaws around the highest levels since mid-June, marked the previous day.

Despite crossing a two-month-old resistance line to refresh multi-day peak, the quote failed to offer a daily close beyond 200-DMA, currently around 0.7120.

In addition to the stated key moving average, nearly overbought RSI also challenges the NZD/USD buyers of late.

It should be noted that an upside break of 0.7120 also won’t offer a green pass to the bulls as a resistance line from February 25, near 0.7150, becomes a tough nut to crack.

On the flip side, a pullback move eye the retest of a downward sloping trend line from July 06, near 0.7070.

However, NZD/USD weakness past 0.7070 has multiple supports near 0.7050 and the 0.7000 threshold.

NZD/USD: Daily chart

Trend: Pullback expected