NZD/USD Price Analysis: Bulls struggle near 38.2% Fibonacci retracement

NZD/USD remains under pressure in the initial European trading hours.
Bulls find strong support near the 0.6960 level.
Momentum oscillator holds onto the oversold zone with negative bias.

Rekha Chauhan Independent Analyst

NZD/USD edges lower on the fresh trading week in the European trading hour. The pair started the new month of trading on a lower note.

At the time of writing, NZD/USD is trading at 0.6968, down 0.07% for the day.

NZD/USD 4-hour chart

On the 4-hour chart, after testing the high of 0.7022 high, which also forms the double top technical formation of a bearish pattern, finds support near the 0.6960 level.

That said, If NZD/USD is sustained above 0.6960, it could find the first resistance near the 23.6% Fibonacci retracement level, which extends from the low of 0.6881, at 0.6987.

The next upside target for the bulls could be stationed at the 0.7000 horizontal resistance level.

A pass above the 0.7000 psychological mark would make it easy for the NZD/USD bulls to conquer the high of July 30 at 0.7022.

The Moving Average Convergence Divergence (MACD) indicator trades in an overbought zone. Any downtick in the MACD could trigger more selling opportunities in the pair.

NZD/USD would test the 50% Fibonacci retracement at 0.6951. The price will then march toward the 0.6935 horizontal support level.

The next area of support would be the low of July 28 of 0.6901.

NZD/USD additional levels

NZD/USD

Overview
Today last price	0.6968
Today Daily Change	-0.0006
Today Daily Change %	-0.09
Today daily open	0.6974

Trends
Daily SMA20	0.698
Daily SMA50	0.7068
Daily SMA100	0.7104
Daily SMA200	0.7094

Levels
Previous Daily High	0.7022
Previous Daily Low	0.6959
Previous Weekly High	0.7022
Previous Weekly Low	0.6902
Previous Monthly High	0.7106
Previous Monthly Low	0.6881
Daily Fibonacci 38.2%	0.6983
Daily Fibonacci 61.8%	0.6998
Daily Pivot Point S1	0.6948
Daily Pivot Point S2	0.6922
Daily Pivot Point S3	0.6885
Daily Pivot Point R1	0.7011
Daily Pivot Point R2	0.7048
Daily Pivot Point R3	0.7074

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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