NZD/USD Price Analysis: Bears challenge 23.6% Fibonacci retracement near 0.7240

NZD/USD consolidates in the early Asian session.
Pair retreats from the coveted 0.7300 mark on profit-taking.
MACD is in overbought zone, signals stretched buying conditions.

Rekha Chauhan Independent Analyst

The NZD/USD pair books modest losses on Thursday, following the previous day’s remarkable move. The pair zoomed from the lows of 0.7725 to touch the multi-month high near 0.7320, accumulating 90-pip movement.

At the time of writing, the NZD/USD pair is trading at 0.7278, down 0.05% on the day.

NZD/USD daily chart

On the daily chart, the pair has been consolidating near the 0.7285 mark. The slight pullback from the recent highs could be considered as NZD/USD bull’s profit-taking. However, if price skids from the mentioned level, then the pullback could be extended further and reverse all prior gains.

The first area of support, in that case, would be the 23.6% Fibonacci retracement at 0.7240.

The Moving Average Convergence Divergence (MACD) indicator, trades in overbought territory with a bearish divergence. If MACD moves slightly lower, then it could trigger another round of selling pressure in the pair.

In doing so, the NZD/USD bears would be willing to retest the 0.7200 horizontal resistance level followed by the 50% Fibonacci retracement level at 0.7160.

Additionally, if price remained grounded near the 0.7280 mark, then it could try to recoup the previous day's high in the vicinity of 0.7320 area. This would encourage bulls to march toward the 0.7350 horizontal resistance level.

Further, the pair could dare to meet the late February's high at 0.7384.

NZD/USD Additioanl Levels

NZD/USD

Overview
Today last price	0.7279
Today Daily Change	0.0051
Today Daily Change %	0.71
Today daily open	0.7228

Trends
Daily SMA20	0.7215
Daily SMA50	0.7142
Daily SMA100	0.7179
Daily SMA200	0.6993

Levels
Previous Daily High	0.7251
Previous Daily Low	0.7204
Previous Weekly High	0.7272
Previous Weekly Low	0.7151
Previous Monthly High	0.7287
Previous Monthly Low	0.6945
Daily Fibonacci 38.2%	0.7233
Daily Fibonacci 61.8%	0.7222
Daily Pivot Point S1	0.7204
Daily Pivot Point S2	0.7181
Daily Pivot Point S3	0.7157
Daily Pivot Point R1	0.7251
Daily Pivot Point R2	0.7275
Daily Pivot Point R3	0.7298

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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