NZD/USD hovers near 50-day SMA for the fifth straight trading day. Risks are skewed to the downside with the daily chart leaning bearish. NZD/USD is trading near 0.6558 at press time, having defended the 50-day simple moving average (SMA) support at 0.6548 a few minutes ago. Sellers failed to establish a foothold below the key SMA for the fourth straight trading day on Monday. As such, one may expect a technical bounce. Technicals, however, suggests otherwise. To start with, the daily chart shows the pair has dived out of a five-month ascending trendline. The breakdown is backed by a below-50 or bearish reading on the 14-day relative strength index. In addition, the 5- and 10-day SMAs are trending south, indicating a bearish setup. As such, a deeper drop toward the 200-day SMA at 0.6324 looks likely. A daily close above 0.66 – the high of the Doji candle created on Aug. 12 – is needed to invalidate the bearish setup. Daily chart Trend: Bearish Technical levels 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 RBA Minutes: Accomadative approach as long as needed FX Street 2 years NZD/USD hovers near 50-day SMA for the fifth straight trading day. Risks are skewed to the downside with the daily chart leaning bearish. NZD/USD is trading near 0.6558 at press time, having defended the 50-day simple moving average (SMA) support at 0.6548 a few minutes ago. Sellers failed to establish a foothold below the key SMA for the fourth straight trading day on Monday. As such, one may expect a technical bounce. Technicals, however, suggests otherwise. To start with, the daily chart shows the pair has dived out of a five-month ascending trendline. The breakdown is backed by a below-50… 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.
