NZD/USD Bulls Struggle To Move Beyond 0.7270
ByLCMS Traders FX Analysis Team
APR 30, 2021
NZD/USD bulls are struggling to build a higher momentum beyond 0.7270. The pair is dropping for a second consecutive day and is currently trading at 0.7234. The intraday support levels are at 0.7200 and 0.7185. The near-term resistance areas are at 0.7255 and 0.7278.
On intraday charts, there are multiple support areas nearby therefore the downside is expected to be limited. The SMA-14 is indicating support at 0.7185 and the SMA-50 is showing support at 0.7152. The pair is also above the mid-Bollinger band which is at 0.7142. The RSI is at 58 and appears flat while the MACD is dipping below the zero line. Following the intraday and 4-hourly charts, the pair is likely to drop further before resuming the uptrend. Therefore to benefit from the temporary sell-offs an ideal sell entry would be at or near 0.7245 with a target of 50 to 60 pips and a stop-loss t 0.7270.
A weekly closing above 0.7260 would be ideal for the bulls and they would be in a better position to breach above 0.7300 area during the next week. On the downside, only a weekly closing below 0.7170 would provide some space back to the bulls.
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