NZD/USD heavily sold-off into risk-averse market conditions. Bears eyeing an ascending triangle breakdown on the 4H chart. RSI remains bearish, leaving floors open for further downside. NZD/USD has reversed almost the entire gains recorded on Thursday, holding the lower ground below 0.7200 ass the haven demand for the US dollar continues to weigh on the higher-yielding kiwi. From a near-term technical perspective, the price is on the verge of confirming an ascending triangle breakdown on the four-chart. The odds remain in favor of a downside break, given that the Relative Strength Index (RSI) points south below 50.00. An hourly closing below the critical support at 0.7186, the confluence of the 100-simple moving average (SMA) and triangle support, will validate the bearish formation. Subsequently, a drop towards the 200-SMA at 0.7132 cannot be ruled if the bears take over complete control. On the flip side, the 21-SMA at 0.7200 needs to be recaptured to prompt a recovery towards the horizontal 50-SMA hurdle at 0.7222. Further north, a sustained break above the pattern resistance at 0.7240 could invalidate the breakdown. NZD/USD: Four-hour chart NZD/USD: Additional 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 USD/CHF: Deeper corrective recovery expected above resistance at 0.8918/20 – Credit Suisse FX Street 2 years NZD/USD heavily sold-off into risk-averse market conditions. Bears eyeing an ascending triangle breakdown on the 4H chart. RSI remains bearish, leaving floors open for further downside. NZD/USD has reversed almost the entire gains recorded on Thursday, holding the lower ground below 0.7200 ass the haven demand for the US dollar continues to weigh on the higher-yielding kiwi. From a near-term technical perspective, the price is on the verge of confirming an ascending triangle breakdown on the four-chart. The odds remain in favor of a downside break, given that the Relative Strength Index (RSI) points south below 50.00. An hourly closing below… 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.
