NZD/USD PRICE ANALYSIS: FURTHER DECLINE OBSERVED AS THE PAIR FAILS TO HOLD THE 20-DAY SMA
- The NZD/USD slips further below the 20-day SMA as bears reinforce their strength.
- Daily chart indicators suggest an ongoing consolidation phase, marked by a slight negative momentum following last Wednesday’s push.
- The pair fell to a low of 0.6105 but bulls managed to clear most of its losses.
The NZD/USD continued its descent on Monday, moving below the 20-day Simple Moving Average (SMA) of 0.6140 the buyers managed to clear most of its daily losses. The pair seems to be stuck in a state of consolidation following the sharp surge last week to 0.6220. Despite buyers' attempts, the 20-day SMA could not be sustained, and losses could potentially extend if this trend continues.
Meanwhile, on the daily chart, the Relative Strength Index (RSI) has maintained its negative momentum, suggesting a faltering buying pressure. The downward orientation of the RSI is consistent with the flat red bars displayed by the Moving Average Convergence Divergence (MACD), further emphasizing the ongoing consolidation narrative.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.