NZD/USD remains pressured inside a bearish chart pattern on 1H.
Sustained trading below 50-HMA, 200-HMA adds strength to downside bias.
March-end tops lure sellers, three-week-old resistance line offers extra filters to north.
NZD/USD edges lower around 0.7140, down 0.04% intraday, amid early Tuesday. In doing so, the kiwi pair portrays a bearish flag chart pattern on the hourly (1H) play while staying below key Hourly Moving Averages (HMAs).
Considering the Momentum retreat, NZD/USD sellers are likely to stay the reins. However, a transparent downside break of 0.7130 becomes necessary for them before targeting the theoretical target of near 0.7025-30, surrounding late March levels.
During the autumn , lows marked during May and therefore the monthly bottom around 0.7115 acts because the key hurdle for the bears.
On the flip side, the 50-HMA level of 0.7150 acts as an instantaneous resistance before the flag’s upper line on the brink of 0.7160.
It’s worth noting that the quote’s run-up beyond 0.7160 isn’t a free pass to the NZD/USD bulls as 200-HMA, on the brink of 0.7184, followed by a downward sloping line from late May near 0.7195, will test the further upside.