- NZD/USD prints softer gains in the European session.
- Bears remain in control.
- Negative divergence in MACD hints at upcoming negative reaction.
The NZD/USD pair locks minimal gains in the European session. The pair moves in a narrow trading band of 25 pips with session lows near 0.7220.
At the time of writing, NZD/USD is trading at 0.7235, up 0.03% on the day.
NZD/USD hourly chart
-637559654665893220.png)
On the hourly chart, the pair has been making efforts to reclaim the session highs of 0.7244. However, prices consolidated near the 0.7240 region with extended gains from Thursday’s low of 0.7184. If the price falls below the 20-hour Simple Moving Average (SMA) placed at 0.7225, then it could intensify the selling toward the 0.7220 horizontal support.
The Moving Average Convergence Divergence (MACD) indicator is hosting negative divergence, which means bears would retest the key psychological mark of 0.7200, and prices would remain pressured toward Thursday’s low at the 0.7184 mark.
On moving higher in the vicinity of 0.7240, prices could attempt to capture the first hurdle at 0.7270, the horizontal resistance, and the highs of April 29 near 0.7290 afterward. The price movement would invalidate the prevailing downtrend and embark toward early March highs in the 0.7310 region thereafter.
NZD/USD additional levels
Share
