NZD/USD Price Analysis: Bulls attack key resistance near 0.7030

• NZD/USD recovers part of its initial losses but faces stiff resistance near 0.7030.
• A decisive break above 0.7030 would invite more upside movement.
• Momentum oscillator holds onto the oversold zone with positive bias.

NZD/USD prints fresh gains on Wednesday in the Initial European trading hours. The pair opened lower but recovered swiftly to touch the intraday high at 0.7031.

At the time of writing, NZD/USD is trading at 0.7028, up 0.26% for the day.

NZD/USD daily chart

On the daily chart, the NZD/USD pair recovered from the multi-month low of 0.6923 in the fourth week of June. NZD/USD is consolidating in a broader range of 0.6950 and 0.7100.

If price sustained above the intraday high, it could turn north following the buying pressure. In doing so, the first target would appear at the 0.7050 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator is in an oversold zone. Any uptick in the MACD could trigger more buying opportunities in the pair. The bulls would test the upper band of the above-mentioned price range at the 0.7100 level.

A daily close above the 0.7100 level would next meet the 0.7150 horizontal resistance level.

Alternatively, if price reverses its direction, it will locate the downside targets at the 0.7000 and the  0.6970 horizontal support levels. 

The next area of support emerges at the low of June 22 at 0.6934.

NZD/USD additional levels