NZD/USD Price Analysis: Bulls step back from two-week-old hurdle around 0.7050
- NZD/USD probes three-day uptrend with a short-term key resistance line.
- Bullish MACD, weekly support line keep buyers hopeful.
- Horizontal area from early May adds to the upside filters.
NZD/USD eases to 0.7042, following a pullback from a fortnight-old resistance, amid early Thursday. Even so, the kiwi bears remain unconvinced as MACD flashes bullish signals and the prices are well beyond the weekly support line.
Hence, the latest weakness in the quote may aim for the immediate rising trend line support, near the 0.7000 threshold, to back the bears. Following that, the yearly bottom surrounding 0.6925 and the 0.6900 round figures will be in the spotlight.
During the fall, Tuesday’s bottom surrounding 0.6960 may offer an intermediate halt to the NZD/USD sellers.
Meanwhile, an upside clearance of the stated resistance line from June 11, around 0.7070, won’t be a green pass for the NZD/USD bulls as a horizontal region comprising lows marked during May and mid-June, close to 0.7105–15, will act as an additional barrier to the north.
It’s worth noting that there are multiple bumps to the pair’s upward trajectory beyond 0.7115 until it crosses the June 10 swing low of 0.7165, which in turn can test the pair buyers.
NZD/USD four-hour chart
Trend: Pullback expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
