NZD/USD Price Analysis: Teases bearish flag confirmation above 0.7100

NZD/USD remains pressured inside a bearish chart pattern on 1H.
Sustained trading below 50-HMA, 200-HMA adds strength to downside bias.
March-end tops lure sellers, three-week-old resistance line offers extra filters to north.

Anil Panchal FXStreet

NZD/USD edges lower around 0.7140, down 0.04% intraday, amid early Tuesday. In doing so, the kiwi pair portrays a bearish flag chart pattern on the hourly (1H) play while staying below key Hourly Moving Averages (HMAs).

Considering the Momentum retreat, NZD/USD sellers are likely to keep the reins. However, a clear downside break of 0.7130 becomes necessary for them before targeting the theoretical target of near 0.7025-30, surrounding late March levels.

During the fall, lows marked during May and the monthly bottom around 0.7115 acts as the key hurdle for the bears.

On the flip side, the 50-HMA level of 0.7150 acts as an immediate resistance ahead of the flag’s upper line close to 0.7160.

It’s worth noting that the quote’s run-up beyond 0.7160 isn’t a free pass to the NZD/USD bulls as 200-HMA, close to 0.7184, followed by a downward sloping trend line from late May near 0.7195, will test the further upside.

NZD/USD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.7141
Today Daily Change	-0.0004
Today Daily Change %	-0.06%
Today daily open	0.7145

Trends
Daily SMA20	0.7214
Daily SMA50	0.7189
Daily SMA100	0.7182
Daily SMA200	0.7033

Levels
Previous Daily High	0.7154
Previous Daily Low	0.7126
Previous Weekly High	0.7244
Previous Weekly Low	0.7115
Previous Monthly High	0.7317
Previous Monthly Low	0.7115
Daily Fibonacci 38.2%	0.7143
Daily Fibonacci 61.8%	0.7137
Daily Pivot Point S1	0.7129
Daily Pivot Point S2	0.7114
Daily Pivot Point S3	0.7101
Daily Pivot Point R1	0.7157
Daily Pivot Point R2	0.717
Daily Pivot Point R3	0.7185

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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