NZD/USD Price Analysis: Bulls face multiple resistance near 0.7060

NZD/USD post handsome gains on Tuesday discarding the previous session’s dull performance.
Additional gains for the pair if the price decisively breaks 0.7060.
Momentum oscillator holds onto the oversold zone with a positive bias.

Rekha Chauhan Independent Analyst

NZD/USD edges higher on Tuesday in the European trading hour. The pair opened lower and travelled to reach the intraday high around 0.7063.

At the time of writing, NZD/USD is trading at 0.7057, up 0.84% for the day.

NZD/USD daily chart

On the daily chart, the NZD/USD pair has recovered from the low of 0.6805 made on August 20 to traveled back to the high of 0.7064 in today’s session.

Being said that, the spot is trading convincingly above the 50-day Simple Moving Average (SMA), which fuels the further upside in the pair.

On the higher side the first target would appear the 0.7100 horizontal resistance level followed by the June 15 high at 0.7161.

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 to reach the 0.7200 horizontal support level.

Alternatively, if price starts moving lower, it could test the first downside target at the 0.7000 horizontal support level.

NZD/USD bears would next target the low of August 27 at 0.6932 followed by the 0.6900 horizontal support level.

NZD/USD additional levels

NZD/USD

Overview
Today last price	0.706
Today Daily Change	0.0061
Today Daily Change %	0.87
Today daily open	0.6999

Trends
Daily SMA20	0.6975
Daily SMA50	0.6986
Daily SMA100	0.7086
Daily SMA200	0.7113

Levels
Previous Daily High	0.7015
Previous Daily Low	0.6987
Previous Weekly High	0.702
Previous Weekly Low	0.6822
Previous Monthly High	0.7106
Previous Monthly Low	0.6881
Daily Fibonacci 38.2%	0.7004
Daily Fibonacci 61.8%	0.6998
Daily Pivot Point S1	0.6986
Daily Pivot Point S2	0.6972
Daily Pivot Point S3	0.6958
Daily Pivot Point R1	0.7014
Daily Pivot Point R2	0.7029
Daily Pivot Point R3	0.7042

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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