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

Additional important levels

Overview
Today last price 0.7046
Today Daily Change 0.0002
Today Daily Change % 0.03%
Today daily open 0.7044
 
Trends
Daily SMA20 0.7147
Daily SMA50 0.7184
Daily SMA100 0.7171
Daily SMA200 0.7045
 
Levels
Previous Daily High 0.7072
Previous Daily Low 0.6995
Previous Weekly High 0.7161
Previous Weekly Low 0.6923
Previous Monthly High 0.7317
Previous Monthly Low 0.7115
Daily Fibonacci 38.2% 0.7043
Daily Fibonacci 61.8% 0.7025
Daily Pivot Point S1 0.7002
Daily Pivot Point S2 0.696
Daily Pivot Point S3 0.6925
Daily Pivot Point R1 0.708
Daily Pivot Point R2 0.7115
Daily Pivot Point R3 0.7157

 

 

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