- NZD/USD remains depressed below 0.7000 on Monday.
- Pair consolidates in a range of 0.6950 and 0.7075 for the past three-week.
- The neutral momentum oscillator adopts a wait-and-watch approach.
NZD/USD prints losses in the initial European trading hours on Monday. The pair opened near the 0.7000 mark but failed to sustain the upside momentum.
At the time of writing, NZD/USD is trading at 0.6980, down 0.02% for the day.
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On the daily chart, after making the high at 0.7317 on May 26, the pair came under pressure and found support near 0.6940, a double low formation.
The descending trendline from the above level acts as a strong resistance barrier for the bulls. If price continues to drift lower then the first support emerges at the 0.6950 horizontal support level.
A sustained break below 0.6950 would intensify the selling pressure toward the June 18 low in the vicinity of 0.6920.
Next, the bears would keep their eye on November 18, 2020, low at 0.6878.
Alternatively, the Moving Average Convergence Divergence (MACD) is in an overbought zone with a neutral stance. Any uptick in the MACD could seek an upside at the 50-day Simple Moving Average (SMA) at 0.7014.
NZD/USD bulls would aim for the 0.7050 horizontal resistance level and then the 0.7100 key psychological mark.