This
week the NZD/USD pair regained levels that has not been visited since mid February.
But today the kiwi reversed sharply when bulls were about to conquer the 0.7400
handle. The current market price is 0.7353, which is the mid March’s high.
Technically speaking the short term outlook remains neutral to bearish. On the
four hour time frame the price is developing below its flat 20-day SMA and
bullish 100-day and 200-day SMAs. RSI is located around its mid-line and has
lost directional strength. Stochastic is showing strong bearish momentum and is
nearing extreme oversold territory.
The bears succeeded to reverse the bullish
trend. Now the downside is supported by 0.7344 (the daily low) which is broken
will lead the pair towards the swing high at 0.7323. Looking to the upside
resistance is standing at 0.7400 handle followed by 0.7440.
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