NZD/USD Price Analysis: Looks to extend loss beyond 0.7250
|- NZD/USD is consolidating minor losses in the Asian session.
- More downside envisioned below 0.7250.
- Overbought momentum oscillator warns caution against aggressive bids.
The NZD/USD pair remains muted in the early Asian session. The pair is downbeat for the past three sessions in a row, having made a high of 0.7300 on Monday.
At the time of writing, NZD/USD is trading at 0.7262, down 0.14% on the day.
NZD/USD daily chart
On the daily chart, the pair has been consolidating losses below 0.7300. The pair formed a spinning top candlestick formation on Monday followed by the next day’s red candle. This technical pattern suggests that prices are looking for a downside move, a break below the previous day’s low at 0.7251 would confirm the case.
The first area of support emerges at the 20-hour Simple Moving Average (SMA) placed at 0.7214, followed by the 0.7170 horizontal support area.
The receding Moving Average Convergence Divergence (MACD) indicator expected to move prices in the vicinity of 0.7100 horizontally placed support area.
Alternatively, if the price makes a sustained move beyond 0.7270, then the first stoppage could be Monday’s high at 0.7300 followed by the 0.7340 horizontal resistance zone. Next, the bulls would scream for February 26 high at 0.7384.
NZD/USD Additional Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.