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.
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