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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.

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 price0.6947
Today Daily Change-0.0024
Today Daily Change %-0.34
Today daily open0.6972
 
Trends
Daily SMA200.6996
Daily SMA500.71
Daily SMA1000.7119
Daily SMA2000.7082
 
Levels
Previous Daily High0.6978
Previous Daily Low0.6894
Previous Weekly High0.7046
Previous Weekly Low0.6917
Previous Monthly High0.7289
Previous Monthly Low0.6923
Daily Fibonacci 38.2%0.6946
Daily Fibonacci 61.8%0.6926
Daily Pivot Point S10.6918
Daily Pivot Point S20.6864
Daily Pivot Point S30.6834
Daily Pivot Point R10.7002
Daily Pivot Point R20.7032
Daily Pivot Point R30.7086

Author

Dhwani Mehta

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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