NZD/USD Price Analysis: Bears in control below 0.7000

NZD/USD remains depressed below 0.7000 on Monday.
Pair consolidates during 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 within the initial European trading hours on Monday. The pair opened near the 0.7000 mark but did not sustain the upside momentum.
At the time of writing, NZD/USD is trading at 0.6980, down 0.02% for the day.
On the daily chart, after making the high at 0.7317 on May 26, the pair came struggling and located support near 0.6940, a double low formation.
The descending trendline from the above level acts as a robust resistance barrier for the bulls. If price continues to drift lower then the primary support emerges at the 0.6950 horizontal price .
A sustained break below 0.6950 would intensify the selling pressure toward the June 18 low within 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 within 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 then the 0.7100 key psychological mark.


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