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

• NZD/USD post handsome gains on Tuesday discarding the previous session’s dull performance.
• Additional gains for the pair if the price decisively breaks 0.7060.
• Momentum oscillator holds onto the oversold zone with a positive bias.

NZD/USD edges higher on Tuesday in the European trading hour. The pair opened lower and travelled to reach the intraday high around 0.7063.

At the time of writing, NZD/USD is trading at 0.7057, up 0.84% 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 0.7064 in today’s session. 

Being said that, the spot is trading convincingly above the 50-day Simple Moving Average (SMA), which fuels the further upside in the pair.

On the higher side the first target would appear the 0.7100 horizontal resistance level followed by the June 15 high at 0.7161.

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 horizontal support level.

Alternatively, if price starts moving lower, it could test the first downside target at the 0.7000 horizontal support level.

NZD/USD bears would next target the low of August 27 at 0.6932 followed by the 0.6900 horizontal support level.

NZD/USD additional levels