NZD/USD Price Analysis: Bears challenge 0.7200 on MACD divergence

NZD/USD prints softer gains in the European session.
Bears remain in control.
Negative divergence in MACD hints at upcoming negative reaction.

Rekha Chauhan Independent Analyst

The NZD/USD pair locks minimal gains in the European session. The pair moves in a narrow trading band of 25 pips with session lows near 0.7220.

At the time of writing, NZD/USD is trading at 0.7235, up 0.03% on the day.

NZD/USD hourly chart

On the hourly chart, the pair has been making efforts to reclaim the session highs of 0.7244. However, prices consolidated near the 0.7240 region with extended gains from Thursday’s low of 0.7184. If the price falls below the 20-hour Simple Moving Average (SMA) placed at 0.7225, then it could intensify the selling toward the 0.7220 horizontal support.

The Moving Average Convergence Divergence (MACD) indicator is hosting negative divergence, which means bears would retest the key psychological mark of 0.7200, and prices would remain pressured toward Thursday’s low at the 0.7184 mark.

On moving higher in the vicinity of 0.7240, prices could attempt to capture the first hurdle at 0.7270, the horizontal resistance, and the highs of April 29 near 0.7290 afterward. The price movement would invalidate the prevailing downtrend and embark toward early March highs in the 0.7310 region thereafter.

NZD/USD additional levels

NZD/USD

Overview
Today last price	0.7234
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	0.7233

Trends
Daily SMA20	0.7171
Daily SMA50	0.7139
Daily SMA100	0.7164
Daily SMA200	0.6953

Levels
Previous Daily High	0.724
Previous Daily Low	0.7184
Previous Weekly High	0.7287
Previous Weekly Low	0.715
Previous Monthly High	0.7287
Previous Monthly Low	0.6945
Daily Fibonacci 38.2%	0.7219
Daily Fibonacci 61.8%	0.7205
Daily Pivot Point S1	0.7198
Daily Pivot Point S2	0.7163
Daily Pivot Point S3	0.7142
Daily Pivot Point R1	0.7254
Daily Pivot Point R2	0.7275
Daily Pivot Point R3	0.731

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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