On Tuesday, the NZD/USD extended its decline, initially dropping to 0.6095, but managed to pare the majority of its losses by the end of the trading day.
Despite declining below the 20-day SMA, the NZD/USD recovers some losses to stabilize at 0.6140. Short-term outlook remains bearish, but seller momentum isn’t that strong.. Bulls must recover the 20-day SMA at 0.61450. Buyers staged a comeback, pushing the pair back towards 0.6140. However, the short-term outlook still leans towards the downside, but the day's recovery is a positive sign for the pair.
6062respectively, which can provide a solid footing for the pair in case of an extended downside move. A break below these SMA convergence points could point towards a huge sell signal. In contrast, the pair's main resistance remains around the 20-day SMA at 0.6145 and above at the recent high at the 0.6220 level. A breakout above this consolidation range could be interpreted as a buy signal, suggesting the current bearish sentiment could be coming to an end.
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