- NZD/USD refreshes intraday low amid the latest decline.
- Bearish MACD, failures to cross immediate SMA direct sellers to 50-day SMA re-test.
NZD/USD drops to the fresh daily low of 0.7161, currently down 0.23% intraday around 0.7168, amid Friday’s Asian trading session. In doing so, the kiwi pair stretches the previous day’s pullback from 21-day SMA amid bearish MACD.
As a result, NZD/USD sellers are targeting the 50-day SMA, at 0.7125, during further declines. Though, the monthly low around 0.7100 can test the short-term bears afterward.
It should be noted that the quote’s sustained downside past-0.7100 will eye for the previous month’s bottom surrounding the 0.7000 threshold.
Meanwhile, an upside break of 21-day SMA near 0.7195 will have to cross a descending resistance line from January 06, close to 0.7235, before attacking the monthly top of 0.7316.
To sum up, NZD/USD consolidates heavy gains marked since October 2020 and hence any declines above December low are less likely to change the bullish trend.
NZD/USD daily chart
Trend: Bullish
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