NZD/USD Price Analysis: Sidelined after rejection at 0.70

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

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