NZD/USD Price Analysis: Bulls challenge resistance near 0.6950

NZD/USD shrugs off the previous day’s decline and gains in Asian trading hours.
More upside envisioned if price decisively breaks 0.6950.
Momentum oscillator holds onto the oversold zone with a neutral bias.

Rekha Chauhan Independent Analyst

NZD/USD edges higher on Friday in the Asian session. The pair opened higher but retreated lower to touch the intraday lower level of 0.6940.

At the time of writing, NZD/USD is trading at 0.6952, up 0.17% for the day.

NZD/USD daily chart

Technically speaking, the NZD/USD pair has been moving inside a broader trading range of 0.6950 and 0.7100.
If NZD/USD sustained above 0.6960, it could find the first resistance near the 20-day Simple Moving Average (SMA) at 0.6980.

The Moving Average Convergence Divergence (MACD) indicator trades in an oversold zone. Any uptick in the MACD could trigger more buying opportunities in the pair. The bulls would see the next upside target at 0.7000 key psychological mark.

NZD/USD bulls would test the 0.7050 horizontal resistance level.

Alternatively, if price moves lower, it will first locate the downside target at 0.6925 horizontal support level followed by the June 21 low at 0.6894.

A daily close below the mentioned level would drag the price outside the rectangle formation.

Next, the market participants would be encouraged to take over the low of November 16, 2020, at 0.6841.

NZD/USD additional levels

NZD/USD

Overview
Today last price	0.6954
Today Daily Change	0.0013
Today Daily Change %	0.19
Today daily open	0.6941

Trends
Daily SMA20	0.6981
Daily SMA50	0.7076
Daily SMA100	0.7109
Daily SMA200	0.7091

Levels
Previous Daily High	0.6971
Previous Daily Low	0.6902
Previous Weekly High	0.7004
Previous Weekly Low	0.6881
Previous Monthly High	0.7289
Previous Monthly Low	0.6923
Daily Fibonacci 38.2%	0.6928
Daily Fibonacci 61.8%	0.6944
Daily Pivot Point S1	0.6905
Daily Pivot Point S2	0.6869
Daily Pivot Point S3	0.6836
Daily Pivot Point R1	0.6974
Daily Pivot Point R2	0.7007
Daily Pivot Point R3	0.7043

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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