NZD/USD Price Analysis: Bears keep their eye on 0.7100

• NZD/USD edges lower on Monday in the European session.
• Pair trades above 100-day SMA and constitute a 20-pips movement.    
• Momentum oscillator holds onto the oversold zone with a neutral sentiment.

NZD/USD edges lower on the first trading day of the week in the European trading hour. The pair opened higher but failed to preserve the momentum.

At the time of writing, NZD/USD is trading at 0.7105, down 0.11% for the day.

NZD/USD daily chart

On the daily chart, the NZD/USD pair has stalled the upside momentum at the high of 0.7171 made on September 3.

Now, NZD/USD bears looks to head toward the 100-day Simple Moving Average (SMA) at 0.7080.

The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any downtick in the MACD could trigger more selling opportunities in the pair to reach the 0.7050 horizontal support level.

Next, the bears would be moving in a fresh downside momentum to recapture the low of August 31 at 0.6944.

Alternatively, if price starts moving higher, it could test the 0.7150 horizontal resistance level followed by the 0.7200 psychological level.

Next, NZD/USD bulls would target the high of June 8 of 0.7235.

NZD/USD additional levels