HomeContributorsTechnical AnalysisNZDUSD Fails to Jump Above the 200-day SMA

NZDUSD Fails to Jump Above the 200-day SMA

NZDUSD is still developing beneath the strong flat 200-day simple moving average (SMA) around the 0.6155 barrier. The RSI indicator is standing beneath its trigger and zero lines with weak momentum, while the MACD is losing ground beneath its trigger and zero lines.

An extension of the bearish movement may find immediate support at the three-and-half-month low of 0.6080. Even lower, the 0.6000 psychological mark may halt the negative actions but if not the 0.5840 obstacle may act as a turning point for traders.

Alternatively, any bullish attempts above the 200-day SMA and the 0.6170 resistance could meet the short-term SMAs around 0.6215. If the bulls hold the control could open the way for a rest near 0.6315 and the 0.6390 barrier, shifting the outlook to neutral. A climb above this line may switch the bias to positive, challenging the eight-month high of 0.6530.

All in all, NZDUSD is showing some negative signs as it is failing to jump above the 200-day SMA and the oscillators are endorsing this view.  

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