NZD/USD Price Analysis: Bears challenge multi-day lows near 0.7120
- NZD/USD remains subdued after a highly volatile Wednesday session.
- More downside envisioned if price breaks 0.7155.
- Negative MACD tilts in favor of bears.
The NZD/USD forms consolidated moves in the early Asian session, having witnessed quite heavy losses in the late New York session. The pair booked nearly a 130 pips movement before closing the session on a lower note.
At the time of writing NZD/USD is trading at 0.7165, up 0.08% on the day.
NZD/USD daily chart
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On the daily chart, the pair has been consolidating near the previous sessions low at 0.7150 a key psychological mark, which is coinciding with the extended ascending trendline from the lows of 0.6945. With a potential of further downside, if price breaks the mentioned upward sloping line, then the next level of support will be at the 0.7120 horizontal support level.
The Moving Average Convergence Divergence (MACD) indicator reads above the midline with a bearish crossover. Following the oscillator readings, price would aim for the 0.7070 horizontal support level followed by April 14 low at 0.7045.
Alternatively, if price makes a sustained move above 0.7170, then reaching out to the 0.7200 critical horizontal resistance zone would be possible, followed by May 6 high at 0.7240.
The next area of support would be the previous session’s high at 0.7283.
NZD/USD Additioanl Levels
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.
