NZD/USD Price Analysis: Bulls face multiple resistance near 0.7060

• NZD/USD halts gains on Thursday discarding the previous session’s performance.
• Additional gains for the pair if the price decisively breaks 0.7065.
• Momentum oscillator holds onto the oversold zone with a positive bias.

NZD/USD edges higher on Thursday in the European trading hour. The pair opened lower and travelled to reach the intraday high around 0.7073.

At the time of writing, NZD/USD is trading at 0.7066, down 0.04% for the day.

NZD/USD daily chart

On the daily chart, the NZD/USD pair has recovered from the low of 0.6805 made on August 20 to traveled back to the high of 0.7073 in today’s session. 

Furthermore, the formation of a Doji candlestick reflects indecisiveness among traders. Being said that, if NZD/USD is able to break the long consolidation 0.6950 and 0.7050, then more upside is visible.

On the higher side, the first target would appear at the 0.7100 horizontal resistance level followed by the June 16  high at 0.7156.

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 0.7200 psychological level.

Alternatively, if price starts moving lower, it could test the first downside target at the previous session’s low at 0.7032, followed by the 0.7000 horizontal support level.

NZD/USD bears would next target the 0.6960 horizontal support level.

NZD/USD additional levels