NZDUSD is still moving higher after the rebound off the 0.6800 support level, reaching the 20- and 40-day simple moving averages (SMAs).
Technically, the RSI indicator is flattening near the neutral threshold of 50, while the MACD is rising in the bearish territory, approaching the trigger line.
If the price jumps above the SMAs, the next immediate resistance could come from the 0.7100 psychological level, which holds near the 200-day SMA. Even higher, the market could meet the medium-term descending trend line around 0.7170 before meeting the 0.7313 barrier.
On the other hand, a continuation of the broader bearish outlook could take the market down to the 0.6800 handle. Steeper decreases could drive traders towards the 0.6510-0.6585 support zone.
In brief, NZDUSD has been in a bearish movement since February 25 and only a jump above the falling trend line may shift the bias to positive.
