- NZD/USD trades 0.26% lower on the day near 0.6904.
- The pair risks breaching rising trendline support.
‘The NZD/USD pair is chipping away the trendline rising from Nov. 2 lows. The trendline support is currently located at 0.6904.
A breakdown looks likely as the daily chart shows a bearish divergence of the Relative Strength Index (RSI). Acceptance under the trendline would open the doors to the Nov. 11 low of 0.6811. A violation there would shift the focus to the 50-day Simple Moving Average (SMA) at 0.6685.
Alternatively, if the ascending 10-day SMA, currently at 0.6859, holds, a fresh move to Wednesday’s high of 0.6945 may be seen.
4-hour chart
-637413495433920210.png)
Trend: Bearish
Technical levels
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