NZDUSD found some resistance around the 20- and 40-period simple moving averages (SMAs) earlier today and returned to a bearish move thereafter.
The price is currently travelling beneath the 0.7200 handle, where any decisive close higher may prove valuable to the market. The red Tenkan-sen however, remains below the blue Kijun-sen and the RSI is currently flirting with the 50 level, pointing to softer short-term trading. The stochastic oscillator is heading south in the 4-hour chart.
A pull back may meet immediate support around the 200-period SMA at 0.7170 and the 0.7150 barrier, while slightly lower the bears could try to overcome the 0.7100-0.7120 zone. Should the price retreat under the latter area too, the 0.7065 barrier could come under speculation.
In the positive scenario, the pair could improve above the short-term SMAs to challenge a stronger resistance around 0.7270. The 0.7305 level, however, which strictly caped bullish action the last ten days, remains the big highlight.
Meanwhile, in the medium-term picture, the situation seems to have become neutral as the price has failed to create a clear direction.
Origin: XM
