NZD/USDbounced off from the critical 100 and 200-day SMA convergence at 0.6070. The Kiwi's outlook tilts positive as the pair tests the pivotal 20-day SMA level. Now testing the important 20-day Simple Moving Average threshold at 0.6125, the pair rebounded off the crucial convergence of the 100 and 200-day Simple Moving Averages at 0.6070 mark. The pair's future course now hinges on whether the currency pair manages to conquer the mentioned 20-day SMA.
The Moving Average Convergence Divergence continues to print decreasing red bars, depicting a neutral to bearish stance, but overall positive as bears lose strength. NZD/USD daily chart The NZD/USD establishes immediate support near the 0.6070 threshold, aligned with the mentioned convergence point of the 100 and 200-day SMAs. Therefore, if the sellers manage to drive the price below it, it could enhance selling pressure and indicate a deeper retracement. Further support resides at the 0.