NZD/USD Price Analysis: Bulls consolidate near 0.7240 below 50-hour SMA

NZD/USD remains under pressure in the initial Asian trading hours.
More downside envisioned if price decisively breaks below 0.7230.
Momentum oscillator remains neutral.

Rekha Chauhan Independent Analyst

The NZD/USD pair extends the previous day losses on Thursday. The pair moves in a very close trading band.

At the time of writing, NZD/USD trades at 0.7237, up 0.01% for the day.

NZD/USD 4-hour chart

On the 4-hour chart, the NZD/USD pair has been consolidating near the 0.7240 level. The descending trendline from the highs of 0.7317 acts as a defensive for the bulls. The NZD/USD pair faces multiple rejections while approaching the downward sloping line.

If NZD/USD breaks below the 0.7230 level, then it could find the first support near the May 28 low in the vicinity of 0.7200.

The Relative Strength Index (RSI) indicator trades below 40. If it remained lower, then more selling opportunities would occur. The bears would approach the 0.7180 support level followed by the May 21 low at 0.7153.

Alternatively, if price makes a sustained move above 0.7240, then it could first locate the upside target at the 0.7265 horizontal resistance level.

Market participants would be encouraged to take over the 0.7300 horizontal resistance level followed by the May 26 high in the vicinity of the 0.7320 region.

NZD/USD Additional Levels

NZD/USD

Overview
Today last price	0.7234
Today Daily Change	-0.0023
Today Daily Change %	-0.32
Today daily open	0.7257

Trends
Daily SMA20	0.7233
Daily SMA50	0.7155
Daily SMA100	0.7181
Daily SMA200	0.7011

Levels
Previous Daily High	0.7289
Previous Daily Low	0.7246
Previous Weekly High	0.7317
Previous Weekly Low	0.7158
Previous Monthly High	0.7317
Previous Monthly Low	0.7115
Daily Fibonacci 38.2%	0.7262
Daily Fibonacci 61.8%	0.7273
Daily Pivot Point S1	0.7239
Daily Pivot Point S2	0.7221
Daily Pivot Point S3	0.7196
Daily Pivot Point R1	0.7282
Daily Pivot Point R2	0.7307
Daily Pivot Point R3	0.7325

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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