NZD/USD now trades close to 0.7206, representing a 0.18% drop on the day, having failed to set up a tightly closed foothold above the 200-hour Simple Moving Average (SMA) of 0.7219 numerous instances early Friday. The common additionally proved a hard nut to crack on Thursday.
The repeated rejection above the widely-followed technical hurdle might also invite promoting pressure, yielding a re-test of the 50-day SMA at 0.7171.
A nearer seem at the each day chart exhibits the 50-day SMA has provided aid more than one instances seeing that Jan. 28 and is the stage to shield for the bulls. A day by day shut beneath that would affirm a bearish reversal on the every day chart.
A shut above the Feb. sixteen excessive of 0.7268 is wanted to put the bulls into the driver’s seat.