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NZD/USD loses momentum, gets rejected by the 20-day SMA. Bulls struggle to claim control and get stuck in the 0.6070-0.6100 channel. Indicators paint a neutral to bearish picture on the daily chart. In Monday’s trading session, the NZD/USD showed weakened momentum, declining by 0.60% to 0.6080. Buyers found the 20-day Simple Moving Average (SMA) at around 0.6100, a strong resistance that quickly rejected the bullish force. Daily technical indicators reflect a cautionary scenario for bullish traders. The Relative Strength Index (RSI) is currently at 46, a decrease from above 50 levels and now placing it in negative zone. This dip represents a decrease in buying pressure. On the contrary, the Moving Average Convergence Divergence (MACD) presents flat red bars, suggesting a somewhat stagnant bearish momentum. NZD/USD daily chart The bulls have got their work cut out as they face resistance at 0.6100 around the 20-day SMA, followed by the higher barriers at 0.6150 and 0.6200. A convincing close above these levels would be necessary to enforce bullish control and steer the focus northwards. On the flip side, the 0.6070 mark acts as a staunch support, holding the line in the face of downward pressure, being closely trailed by further support lines at 0.6050 and 0.6030. A decisive plunge below these levels would indicate a shift back to a bearish perspective, potentially paving the way for a correction toward even lower levels.   Source: https://www.fxstreet.com/news/nzd-usd-price-analysis-bulls-struggle-with-20-day-sma-resistance-202407151935

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Filed under: News - @ July 16, 2024 12:20 am