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NZDUSD holds in downside move after pullback off 3-month high
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Momentum oscillators head south
NZDUSD is battling with the 50- and the 200-day simple moving averages (SMAs) in the daily chart, holding slightly below the previous bottom of 0.6080.
Technically, the RSI indicator is falling from the 50 level and is pointing down, while the MACD is flirting with the zero level.
More downside pressures could send the bears to the 0.5940-0.5980 support region but first the price needs to break below the near-term uptrend line around 0.6000. Even lower, the five-month low of 0.5850 could switch the outlook to neutral.
Otherwise, a rebound off the 200-day SMA could open the way for a retest of the 20-day SMA at 0.6130 before testing the previous high of 0.6215 that failed several times in the past to surpass it. A successful rally above this area could endorse the bullish scenario, meeting 0.6280.
All in all, NZDUSD is slightly positive in the near term unless there is a dive below the tentative ascending trend line.
