- NZD/USD remains pressured around weekly bottom, down for the fourth day.
- Pullback from the key resistance line precedes break of 200-DMA to keep sellers hopeful.
- Monthly top adds to the upside filters, bears have multiple supports around 0.7050-45.
NZD/USD remains on the back foot for the fourth consecutive day, down 0.17% intraday around 0.7085 ahead of Thursday’s European session.
In doing so, the pair sellers attack 100-DMA while justifying the previous U-turn from a downward sloping trend line from late February, as well as the recent breakdown of the 200-DMA.
It should be noted, however, that the bullish MACD questions the NZD/USD sellers around the key moving average level of 0.7080. Also challenging the bears are the multiple supports near 0.7050-45.
Given the quote’s weakness past 0.7045, the 0.7000 round figure and March month’s low near 0.6945 should return to the chart. Though, any further weakness won’t hesitate to retest the July and August bottoms, respectively around 0.6880 and 0.6800.
Alternatively, 200-DMA and the stated resistance line, close to 0.7120 and 0.7145 in that order, precede the monthly peak of 0.7171 to challenge the NZD/USD rebound.
If at all the kiwi bulls retake controls past 0.7171, May’s monthly high of 0.7317 will be on their radar.
NZD/USD: Daily chart
Trend: Further weakness expected
