- The NZD/USD pair has been rejected by the 20-day SMA for the fourth time this week.
- Technical indicators indicate increasing selling pressure and decreasing buying pressure.
- A break from the range of 0.5940-0.6030 will confirm the bearish outlook.
During Friday’s session, NZD/USD fell 1.05% to 0.5960, continuing its downtrend as the pair was rejected by the 20-day elementary moving average (SMA) for the third time this week.
The Relative Strength Index (RSI) is currently negative at 40, indicating increasing selling pressure. The slope of the RSI indicator is decreasing rapidly, suggesting that selling pressure is increasing. The Moving Average Convergence Divergence (MACD) is also showing a mixed outlook, with the histogram being green but decreasing, indicating that buying pressure is easing.
The NZD/USD pair has seen its third rejection from the 20-day elementary moving average (SMA), indicating powerful selling pressure. This rejection pushed the pair lower, suggesting that the downtrend is likely to continue. Repeated rejections of the 20-day SMA highlight the strength of the resistance level and the inability of buyers to break through. As a result, investors can expect the downward trend to continue in the near future.
