NZD/USD Price Analysis: Bulls face rejection near highs of 0.7300

NZD/USD loses some momentum in the early Asain session.
More downside envisioned if price breaks below 0.7250.
Negative momentum oscillator favors downside moves.

Rekha Chauhan Independent Analyst

The NZD/USD pair gave up some of its daily gains in the Asian session. The pair opened at a multi-day high of 0.7285, however failed to hold onto the positive territory.

At the time of writing, the NZD/USD pair is trading at 0.7262, down 0.16% on the day.

NZD/USD daily chart

On the daily chart, the NZD/USD extended declines from the daily high at 0.7285 and has been consolidating near the 0.7260 level. The Fibonacci retracement from the lows of 0.71150, provided the interim support near the 23.6% retracement level of 0.7257.

More downward movement is on schedule if prices breach 0.7257, and aim for the 0.7240 horizontal support area. The next could be Friday’s lows at 0.7204 (May 7).

The Moving Average Convergence Divergence (MACD) indicator’s receding bullish momentum asks for Thursday’s low at 0.7184 (May 6).

Alternatively, if prices make a sustained move beyond 0.7270, then the next potential level of the previous day's high at 0.7306 should not be ruled out.

Moving above this level, the next stoppage would be the 0.7340 horizontal support zone followed by the highs of February 26 at 0.7384.

NZD/USD Additional Levels

NZD/USD

Overview
Today last price	0.7267
Today Daily Change	-0.0011
Today Daily Change %	-0.15
Today daily open	0.7278

Trends
Daily SMA20	0.7183
Daily SMA50	0.714
Daily SMA100	0.7166
Daily SMA200	0.6956

Levels
Previous Daily High	0.7301
Previous Daily Low	0.7204
Previous Weekly High	0.7301
Previous Weekly Low	0.7115
Previous Monthly High	0.7287
Previous Monthly Low	0.6945
Daily Fibonacci 38.2%	0.7264
Daily Fibonacci 61.8%	0.7241
Daily Pivot Point S1	0.7221
Daily Pivot Point S2	0.7164
Daily Pivot Point S3	0.7124
Daily Pivot Point R1	0.7318
Daily Pivot Point R2	0.7358
Daily Pivot Point R3	0.7415

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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