NZD/USD Price Analysis: Kiwi hits one-month low after close under 50-day SMA

NZD/USD slipped to 0.7155 a few minutes earlier than press time, the lowest due to the fact Feb. 5.

The pair closed beneath the 50-day Simple Moving Average (SMA) on Thursday, validating the bearish decrease excessive of 0.7307 created on March two

The violation of the 50-day SMA in itself is bearish, as the technical line acted as robust help a couple of instances due to the fact Jan. 28.

That, alongside a bearish or below-50 analyzing on the 14-day Relative Strength Index, suggests scope for deeper losses.

Support is viewed at 0.7096 (Jan. 18 low) accompanied via 0.7047 (100-day SMA). Meanwhile, resistance is placed at 0.7210 (50-day SMA) and 0.7307 (March two high).

admin

Read Previous

USD/CAD Price Analysis: Teases inverse head-and-shoulders confirmation on 4H

Read Next

USD/JPY steadies above 108.00, set for best week since May 2020

Leave a Reply

Your email address will not be published. Required fields are marked *