NZD/USD Price Analysis: Sellers await 0.7115 breakdown for fresh entry

NZD/USD fades bounce off six-week-old horizontal support, keeps Friday’s 100-day EMA breakdown.
Bearish MACD also favors sellers, falling trend line from May 26 adds to the upside filters.

Anil Panchal FXStreet

NZD/USD drops back towards 0.7130, down 0.07% intraday, amid Monday’s Asian session. In doing so, the kiwi pair extends Friday’s 100-day EMA breakdown towards the previous month’s low.

Other than the downside break of the 100-day EMA, around 0.7155, bearish MACD also favors NZD/USD sellers targeting 0.7115 horizontal support.

It should, however, be noted that early March lows near 0.7100 and multiple tops marked around 23.6% Fibonacci retracement of February-March downside, near 0.7065, adds to the pair’s supports.

Meanwhile, an upside clearance of 100-day EMA level of 0.7155 won’t be enough for the NZD/USD bulls to return as a convergence of a three-week-old falling trend line and 50% Fibonacci retracement level close to 0.7205 pose a serious challenge to the pair’s upside momentum.

Even if the quote rises past 0.7205, 61.8% Fibonacci retracement level and late May high, respectively around 0.7265 and 0.7320, will be the key resistances to watch.

NZD/USD daily chart

Trend: Bearish

Additional important lelvels

Overview
Today last price	0.7134
Today Daily Change	7 pips
Today Daily Change %	0.10%
Today daily open	0.7127

Trends
Daily SMA20	0.7217
Daily SMA50	0.7187
Daily SMA100	0.7183
Daily SMA200	0.703

Levels
Previous Daily High	0.7211
Previous Daily Low	0.7115
Previous Weekly High	0.7244
Previous Weekly Low	0.7115
Previous Monthly High	0.7317
Previous Monthly Low	0.7115
Daily Fibonacci 38.2%	0.7152
Daily Fibonacci 61.8%	0.7174
Daily Pivot Point S1	0.7091
Daily Pivot Point S2	0.7055
Daily Pivot Point S3	0.6995
Daily Pivot Point R1	0.7187
Daily Pivot Point R2	0.7247
Daily Pivot Point R3	0.7283

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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