NZD/USD remains on the back foot after breaking the monthly support line, now resistance. 50-day SMA adds to the upside barrier, 21-day SMA limits immediate downside. NZD/USD justifies the break of four-week-old ascending trend line while declining to 0.5955, down 0.71% on a day, during the early Thursday. While a sustained downside below the near-term key support line, now resistance, favors the pair’s further declines, 21-day SMA, near 0.5940/35, limits the immediate downside. As a result, sellers may await a daily closing under 0.5935 for fresh entry while targeting the monthly bottom close to 0.5845. Alternatively, 0.6105/10 resistance confluence, including 50% Fibonacci retracement of January-March downside as well as the support-turned-resistance line, could keep buyers away. Also adding barriers to the pair’s upside attempts is the 50-day SMA level, currently near 0.6140. NZD/USD daily chart Trend: Bearish FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Coronavirus economic impact will continue in some way, shape or form – Goldman Sachs FX Street 2 years NZD/USD remains on the back foot after breaking the monthly support line, now resistance. 50-day SMA adds to the upside barrier, 21-day SMA limits immediate downside. NZD/USD justifies the break of four-week-old ascending trend line while declining to 0.5955, down 0.71% on a day, during the early Thursday. While a sustained downside below the near-term key support line, now resistance, favors the pair’s further declines, 21-day SMA, near 0.5940/35, limits the immediate downside. As a result, sellers may await a daily closing under 0.5935 for fresh entry while targeting the monthly bottom close to 0.5845. Alternatively, 0.6105/10 resistance confluence, including… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
