NZD/USD Technical Analysis: Closed above 200-day EMA for first since April 22

• The NZD/USD closed above the 200-day exponential moving average (EMA) yesterday - its first since April 22 - and was last seen trading at 0.6826.
• A move above the 200-day EMA bolstered the already bullish technical setup of higher highs and higher lows, ascending 5-, 10-day EMAs and falling channel breakout.
• The RSI on the 4-hour chart is reporting overbought conditions. Meanwhile, the daily RSI is closing on overbought territory above 70. As a result, further gains are unlikely to happen immediately.
• The pair may witness a pullback to 5-day EMA of 0.6794 before rising further. A strong bounce from the ascending EMAs may yield a sustained rally to next major resistance of 0.7060 (June 6 high).

Daily Chart

Trend: Pullback likely