On Wednesday, the NZD/USD took a big hit, with the pair plunging towards the convergence of the 100 and 200-day Simple Moving Averages (SMAs) near the 0.6070 level.
On Wednesday, NZD/USD dives further, approaching 100 and 200-day Simple SMA convergence. The Kiwi's outlook could skew bearish as the pair nears losing the significant 0.6070 threshold. On Wednesday, the NZD/USD took a big hit, with the pair plunging towards the convergence of the 100 and 200-day Simple Moving Averages near the 0.6070 level. Pressure mounts on the pair and further losses could be on the horizon if the bears fail to defend this crucial area.
The Moving Average Convergence Divergence indicates bearish sentiment with rising red bars, affirming the stronger position of the sellers. NZD/USD daily chart The NZD/USD finds immediate support near the 0.6070 threshold coinciding with the converging 100 and 200-day SMAs. Additional support is lurking lower at 0.6050. A breakdown below these SMAs would validate a deeper sell-off scenario. On the flip side, resistance is now at the former support level of 0.6100. The 20-day SMA at 0.
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