NZD/USD Price Analysis: Bulls face rejection near highs of 0.7300

• NZD/USD loses some momentum in the early Asain session.
• More downside envisioned if price breaks below 0.7250.
• Negative momentum oscillator favors downside moves.

The NZD/USD pair gave up some of its daily gains in the Asian session. The pair opened at a multi-day high of 0.7285, however failed to hold onto the positive territory.

At the time of writing, the NZD/USD pair is trading at 0.7262, down 0.16% on the day.

NZD/USD daily chart

On the daily chart, the NZD/USD extended from the daily high at 0.7285 and has been consolidating near the 0.7260 level. The Fibonacci retracement from the lows of 0.71150, provided the interim support near the 23.6% retracement level of 0.7257.

More downward movement is on schedule if prices breach 0.7257, and aim for the 0.7240 horizontal support area. The next could be Friday’s lows at 0.7204 (May 7).

The Moving Average Convergence Divergence (MACD) indicator’s receding bullish momentum asks for Thursday’s low at 0.7184 (May 6).

Alternatively, if prices make a sustained move beyond 0.7270, then the next potential level of the previous highs at 0.7306 should not be ruled out.

Moving above this level, the next stoppage would be the 0.7340 horizontal support zone followed by the highs of  February 26 at 0.7384.
 

NZD/USD Additional Levels