NZD/USD Price Analysis: Sellers brace for 0.7000 on pullback from monthly resistance

• NZD/USD remains pressured below one-month-old resistance line, fails to extend Friday’s corrective pullback.
• Bullish MACD keeps buyers hopeful but 100-SMA adds to the upside filters.

NZD/USD takes a U-turn from the short-term key resistance line towards the 0.7000, down 0.08% around 0.7023 by the press time of early Monday.

The kiwi pair’s latest moves take clues from China’s Caixin Services PMI, 50.3 versus 55.7 expected and 55.1 prior, as well as downbeat market sentiment.

While the 0.7000 psychological magnet lures intraday sellers, Friday’s low around 0.6945 and the yearly bottom close to the 0.6925-20 will test the NZD/USD bears afterward.

If at all the quote stays bearish past 0.6920, September 2020 tops near the 0.6800 round figure will be in focus.

Alternatively, an upside break of the stated resistance line near 0.7035 isn’t a green pass to the NZD/USD buyers as 100-SMA level of 0.7042 and June 25 top surrounding 0.7100 will be the key hurdles.

NZD/USD: Four-hour chart

Trend: Bearish