NZD/USD Price Analysis: Pulls back below 0.7300 as bulls battle seven-week-old hurdle

NZD/USD refreshes intraday low after an initial choppy session in Asia.
Momentum line suggests short-term consolidation of gains near the multi-day top.
Sustained trading beyond the key trend lines, 200-SMA favor the buyers.

Anil Panchal FXStreet

NZD/USD stays depressed around an intraday low of 0.7271, following its failure to cross Friday’s top, during early Monday. In doing so, the kiwi pair steps back from an ascending resistance line from March 18.

Given the multiple failures to cross the 0.7300 hurdle and Momentum pullback from overbought territory, NZD/USD may witness further profit-booking moves. However, a one-week-old rising support line near 0.7220 could test the intraday sellers.

If at all the bears conquer the 0.7220 support line, a monthly rising support line near 0.7140, followed by the 200-SMA level near 0.7115, will be the key levels to watch.

On the flip side, a clear run-up beyond the 0.7300 won’t make the NZD/USD bull’s life easier as January high near 0.7315 and 0.7370 will be the tough nuts to crack for them.

It should, however, be noted that a clear run-up beyond 0.7370 will propel the quote towards refreshing the yearly peak surrounding 0.7465.

NZD/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.7274
Today Daily Change	-4 pips
Today Daily Change %	-0.05%
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

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.

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