NZD/USD Price Analysis: Bears cheer 0.6990 support break

• NZD/USD fades bounce off intraday low, fails to extend Friday’s recovery.
• Weekly support line, 200-HMA confluence guards immediate upside.
• Yearly low on bear’s radar, eight-day-old resistance line also test buyers.

NZD/USD retreats to 0.6980, down 0.23% intraday, amid early Monday. In doing so, the Kiwi pair justifies the downside break of a 200-HMA and short-term rising trend line convergence amid bearish MACD.

The pair sellers are on their way to refresh the yearly low surrounding 0.6920, with the 0.6900 threshold acting as an additional downside filter.

Following that a gradual south-run to the September 2020 tops near the 0.6800 round figure can’t be ruled out.

Meanwhile, corrective pullback need not only cross the 0.6990 resistance confluence but a downward sloping trend line from July 07, around 0.7035, to aim for the monthly high near 0.7105-10.

However, multiple hurdles are surrounding 0.7050 and 0.7070 during the NZD/USD run-up from 0.7035 to 0.7110.

NZD/USD: Hourly chart

Trend: Bearish