NZD/USD Price Analysis: Upside needs validation above 0.7200

NZD/USD edges higher on Thursday in the early European trading hours.
Additional gains for the pair if the price decisively breaks 0.7200.
Momentum oscillator holds onto the oversold zone with upside bias.

Rekha Chauhan Independent Analyst

NZD/USD prints gains on Thursday in the initial European trading hours. The pair recovered from the lows of 0.7151 and touched the high of 0.7180. At the time of writing, NZD/USD is trading at 0.7177, up 0.14% for the day.

NZD/USD daily chart

On the daily chart, the NZD/USD pair has been on the bull run since October 13, after testing the low of 0.6911. The spot faces pressure near 0.7220, critical resistance zone.

A daily close above the psychological 0.7200 level would meet the next resistance level at 0.7220. The Moving Average Convergence Divergence (MACD) indicator trades in an oversold zone. Any uptick in the MACD could trigger more buying opportunities in the pair to reach the 0.7250 horizontal resistance level.

Next, the bulls would be moving in a fresh upside momentum to recapture the high of May 31 at 0.7285.

Alternatively, if the price breaks below the intraday low it could test the 0.7120 horizontal support level followed by the low of October 19 at 0.7079. The NZD/USD bears would next target the 0.7050 horizontal support level.

NZD/USD additional levels

NZD/USD

Overview
Today last price	0.7175
Today Daily Change	0.0008
Today Daily Change %	0.11
Today daily open	0.7167

Trends
Daily SMA20	0.7037
Daily SMA50	0.7031
Daily SMA100	0.702
Daily SMA200	0.7101

Levels
Previous Daily High	0.719
Previous Daily Low	0.7131
Previous Weekly High	0.7219
Previous Weekly Low	0.7049
Previous Monthly High	0.7171
Previous Monthly Low	0.6859
Daily Fibonacci 38.2%	0.7154
Daily Fibonacci 61.8%	0.7167
Daily Pivot Point S1	0.7136
Daily Pivot Point S2	0.7104
Daily Pivot Point S3	0.7077
Daily Pivot Point R1	0.7195
Daily Pivot Point R2	0.7222
Daily Pivot Point R3	0.7254

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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