NZD/USD Price Analysis: Breaks immediate support line to refresh intraday low below 0.7100
|- NZD/USD consolidates recent gains near multi-month high.
- A confluence of 100-HMA, eight-day-old rising trend line questions the bears.
- Buyers eye March 2018 low beyond the recent top.
Break of a two-day-old rising trend line extends the NZD/USD pair’s latest downside towards refreshing the intraday low to 0.7060, down 0.20% on a day, during early Friday.
Although bearish MACD, coupled with the failures to refresh the multi-month high lure the NZD/USD sellers, a joint of 100-HMA and an upward sloping trend line from November 24, around 0.7050/55, will be a tough nut to break for the sellers.
Should the quote drops below 0.7050, the 0.7000 threshold is likely to return to the charts.
Meanwhile, the pair’s fresh bounce can eye the 0.7100 round-figure ahead of confronting the highest since April 2018, the 0.7104 landmark flashed the previous day.
During the quote’s successful rise past-0.7104, March 2018 low around 0.7150 will become NZD/USD buyers’ favorite.
NZD/USD hourly chart
Trend: Pullback expected
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