- Analytics
- News and Tools
- Market News
- NZD/USD Price Analysis: Bulls falter after breaking 20-day SMA, bullish thesis at risk
NZD/USD Price Analysis: Bulls falter after breaking 20-day SMA, bullish thesis at risk
- NZD/USD sank by 0.69% on Monday to trade near 0.5885.
- Bulls failed to secure the 20-day SMA after breaking above it, risking the bullish bias.
- Indicators took a step back and might continue losing ground if they do not secure the 20-day SMA.
The NZD/USD pair extended its weakness from a fresh monthly high recorded in the previous week. In Monday's session, the NZD/USD declined by 0.69% to 0.5885. Bulls failed to secure the 20-day Simple Moving Average (SMA) after breaking above it, risking the bullish bias.
Technical analysis of the NZD/USD pair indicates a sideways range, with the Relative Strength Index (RSI) at 46, suggesting rising selling pressure, while the Moving Average Convergence Divergence (MACD) is flat and green, indicating flat buying pressure. Overall, the outlook is mixed, with support levels at 0.5850, 0.5800, and 0.5750, and resistance levels at 0.5900, 0.5950, and 0.6000.
Technical indicators for the NZD/USD pair have taken a step back, signaling a potential shift in momentum. While the pair remains within a range, the failure of bulls to hold above the 20-day SMA poses a risk to the bullish bias. Traders should monitor the mentioned levels as a loss of the 0.5850 area could indicate a continuation of the downtrend.
NZD/USD daily chart
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
