- NZD/USD is pressing against a critical daily resistance.
- The daily 21-EMA is under pressure, failures could lead to downside continuation.
NZD/USD is testing the bearish commitments from the prior support structure that would be expected to act as resistance.
A 50% mean reversion is significant and failures at resistance could lead to a downside continuation below the current daily support structure.
NZD/USD daily chart
The 21-EMA and the confluence with the prior lows and the 50% mean reversion level offers a convincing case for the bears.
A break of this structure, on the other hand, would raise prospects of a break to the upside.
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