NZD/USD Price Analysis: Bears attack critical support around 0.6950

NZD/USD remains under pressure in the initial European trading hours.
More downside envisioned if price decisively breaks 0.6950.
Momentum oscillator holds onto the oversold zone with a neutral stance.

Rekha Chauhan Independent Analyst

NZD/USD extends the previous day's losses on Wednesday. The pair moves with bearish sentiment in a very narrow trade band.

At the time of writing, NZD/USD is trading at 0.6952, down 0.06% for the day.

NZD/USD daily chart

Technically speaking, the descending trendline from the high of 0.7317 made on May 26 acts as a strong barrier for the bulls. The formation of multi supports near the 0.6950 makes it a critical level to trade.

That said, If NZD/USD is sustained below 0.6950, it could find the first support near the June 21 low in the vicinity of the 0.6935 area.

The Moving Average Convergence Divergence (MACD) indicator trades in an oversold zone . Any downtick in the MACD could trigger more selling opportunities in the pair. The bears would see the levels last seen in 2020.

Next, NZD/USD would test the low of July 21 low at 0.6894 followed by the low made on November 19, 2020, at 0.6878.

Alternatively, if price moves higher, it will first locate the upside target at the 0.7000 horizontal resistance level followed by the July 15 high at 0.7046.

Next, the market participants would be encouraged to take over the 0.7080 horizontal resistance level.

NZD/USD additional levels

NZD/USD

Overview
Today last price	0.6956
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	0.6957

Trends
Daily SMA20	0.6983
Daily SMA50	0.708
Daily SMA100	0.7111
Daily SMA200	0.7089

Levels
Previous Daily High	0.7007
Previous Daily Low	0.694
Previous Weekly High	0.7004
Previous Weekly Low	0.6881
Previous Monthly High	0.7289
Previous Monthly Low	0.6923
Daily Fibonacci 38.2%	0.6965
Daily Fibonacci 61.8%	0.6981
Daily Pivot Point S1	0.6929
Daily Pivot Point S2	0.69
Daily Pivot Point S3	0.6861
Daily Pivot Point R1	0.6996
Daily Pivot Point R2	0.7035
Daily Pivot Point R3	0.7064

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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