NZD/USD Price Analysis: Bulls challenge critical resistance near 0.7050 level

NZD/USD accumulates minor losses on Thursday. Pair moves in a broader trading range of 0.6950 and 0.7050. Momentum oscillator holds onto the oversold  |  04/08/2021 23:49

NZD/USD accumulates minor losses on Thursday.
Pair moves in a broader trading range of  0.6950 and 0.7050.
Momentum oscillator holds onto the oversold zone with a positive bias.

NZD/USD edges lower on Thursday in the Asian trading hour. The pair hovers in s narrow trade band with positive bias.

At the time of writing, NZD/USD is trading at 0.7046, own 0.7% % for the day.

NZD/USD daily chart

On the daily chart, after testing the high of 0.7317 high on May 26, the NZD/USD pair came under selling pressure.

After that, NZD/USD trades in a broader trading range of 0.6950 and 0.7050. The descending trendline from the mentioned level acts as a barrier for the upside movement.

That said, If NZD/USD is sustained above intraday high, it could win the 0.7075 horizontal resistance level.

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.

A daily close above 0.7075 would allow bulls to meet the psychological level of 0.7100 followed by the June 16 high of 0.7156.

Alternatively, if price starts moving lower, it could continue with its prevailing trend with the first target in line would be the previous day’s low at 0.7014.

NZD/USD bears would next target the 0.6985 horizontal support level followed by the low of August 3 at 0.6963.

NZD/USD additional levels

 

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