NZD/USD Price Analysis: Turns south towards 0.6900 after rejection above 50-SMA

NZD/USD faces rejection above 50-SMA resistance, drops below 0.6950.
Bears are now targeting the 21-SMA demand area.
RSI has crossed the midline for the downside.

Dhwani Mehta FXStreet

NZD/USD sellers return on Thursday after a temporary reversal saw stiff resistance near the 0.6975 region.

As observed on the four-hour chart, the kiwi is heading south to test the downward-sloping 21-Simple Moving Average (SMA) at 0.6942, having failed to find acceptance above the mildly bearish 50-SMA at 0.6973.

The Relative Strength Index (RSI) has flipped bearish on the said timeframe after it pierced through the midline from above. The leading indicator now stands at 49.04.

A firm break below the 21-SMA could trigger a quick drop towards 0.6900, below which the eight-month lows of 0.6881 could be tested.

NZD/USD: Four-hour chart

On the upside, a four-hourly candlestick closing above the 50-SMA barrier will expose the descending 100-SMA at 0.6986.

The 0.7000 psychological level will be the level to beat for the NZD bulls.

NZD/USD: Additional levels

NZD/USD

Overview
Today last price	0.6947
Today Daily Change	-0.0024
Today Daily Change %	-0.34
Today daily open	0.6972

Trends
Daily SMA20	0.6996
Daily SMA50	0.71
Daily SMA100	0.7119
Daily SMA200	0.7082

Levels
Previous Daily High	0.6978
Previous Daily Low	0.6894
Previous Weekly High	0.7046
Previous Weekly Low	0.6917
Previous Monthly High	0.7289
Previous Monthly Low	0.6923
Daily Fibonacci 38.2%	0.6946
Daily Fibonacci 61.8%	0.6926
Daily Pivot Point S1	0.6918
Daily Pivot Point S2	0.6864
Daily Pivot Point S3	0.6834
Daily Pivot Point R1	0.7002
Daily Pivot Point R2	0.7032
Daily Pivot Point R3	0.7086

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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