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.

Rekha Chauhan Independent Analyst

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

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

NZD/USD

Overview
Today last price	0.7165
Today Daily Change	-0.0107
Today Daily Change %	-1.47
Today daily open	0.7272

Trends
Daily SMA20	0.7206
Daily SMA50	0.7139
Daily SMA100	0.717
Daily SMA200	0.6962

Levels
Previous Daily High	0.729
Previous Daily Low	0.7251
Previous Weekly High	0.7301
Previous Weekly Low	0.7115
Previous Monthly High	0.7287
Previous Monthly Low	0.6945
Daily Fibonacci 38.2%	0.7266
Daily Fibonacci 61.8%	0.7275
Daily Pivot Point S1	0.7252
Daily Pivot Point S2	0.7232
Daily Pivot Point S3	0.7213
Daily Pivot Point R1	0.7291
Daily Pivot Point R2	0.731
Daily Pivot Point R3	0.733

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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