NZD/USD Price Analysis: Extends pullback from two-month-old hurdle towards 0.7050
NZD/USD refreshes intraday low after stepping back from monthly high.
Bullish MACD, weekly rising trend line keeps buyers hopeful.
100-DMA adds to the upside filters, bears can aim for July lows on breaking 0.7000.
NZD/USD takes offers around 0.7060, down 0.10% intraday, after stepping back from the key resistance line during early Thursday. In doing so, the kiwi pair snaps a four-day uptrend while also refreshing the intraday low.
Considering the latest risk-off mood and the quotes failures to refresh the monthly top, the latest pullback is likely to extend towards an ascending trend line from August 20, near 0.7025.
However, a downside break of the 0.7025 level will be important as NZD/USD sellers can target the 0.7000 round-figure afterward.
It should be noted, however, that a clear south-run below the 0.700 threshold won‘t resistance from challenging July’s low near 0.6880.
On the contrary, an upside break of the stated resistance line near 0.7070 wont be a green pass for the NZD/USD bulls as the 100-DMA level of 0.7084 and the 0.7100 round figure will question the following rise.
Also challenging the pair‘s advances is July’s top of 0.7106 and early Junes low of 0.7125.
Hence, NZD/USD is up for consolidating the recent gains but the downtrend isnt on the table.
Leave a Reply