NZD/USD is currently trading just 10 pips above the 7.5-week low of 0.6718 hit on Friday. The pair has found acceptance below the 200-day moving average (MA) for the first time since Feb. 13 and is looking south, according to technical charts.
Daily chart
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- The pair closed below the crucial 200-day MA on Friday, reinforcing the bearish view put forward by the triangle breakdown witnessed on a preceding day.
- The 14-day relative strength index (RSI) is also biased bearish, having taken out the support at 42.00 last week.
- The 5- and 10-day MAs are also trending south, indicating a bearish setup.
- The spot, therefore, could soon test the psychological support at 0.67 and may possibly break lower.
- The bearish view would be invalidated if and when the pair closes above the 10-day MA, currently at 0.6783.
Trend: Bearish
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