- NZD/USD is bouncing up from key SMA support at 0.6633.
- A move above 0.6682 is needed to confirm a bullish breakout.
NZD/USD is trading in the red at press time, marking a weak follow-through to Wednesday’s 1% gain.
The pair is currently trading at 0.6646, representing a 0.12% drop on the day, having defended the 50-day simple moving average (SMA) of 0.6633 early today.
The immediate bias remains neutral, with the pair trapped in the range of 0.6547 to 0.6682 for the second week. A range breakout would open the doors to a re-test of September highs near 0.68 (target as per the measured move method).
Alternatively, range breakdown would imply a resumption of the sell-off from September highs and may yield a drop to the 200-day SMA at 0.6388.
Source from https://www.fxstreet.com/news/nzd-usd-price-analysis-defends-50-day-sma-support-range-play-continues-202010220207