NEWS | 2 minutes ago | By Omkar Godbole
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- NZD/USD in statsis as daily chart shows uptrend fatigue.
- A pullback to widely-followed SMA support may be seen.
NZD/USD is currently trading in a sideways manner near 0.6975, having faced rejection at the psychological hurdle of 0.70 on Tuesday.
The 14-day relative strength index is reporting overbought conditions with an above-70 print. The MACD histogram is producing smaller bars above the zero line in a sign of weakening of the upward momentum.
As such, the pair could pull back to the 10-day Simple Moving Average (SMA), currently at 0.6910. A close below the average would neutralize the immediate bullish view.
On the higher side, 0.70 is the level to beat for the bulls.
Source from https://www.fxstreet.com/news/nzd-usd-price-analysis-sidelined-after-rejection-at-070-202011250155