Technical Analysis of NZD/USD: Bears Dominate the Major Currency Pair
Monday, 14 October 2024, 14:41
Current Market Analysis of NZD/USD
The NZD/USD currency pair has presented a distinct bearish trend in recent weeks. Following a substantial loss of the 20-day Simple Moving Average (SMA), traders are eyeing the 200-day SMA at 0.6100 as a pivotal level.
Impact of the 200-day SMA
- The 200-day SMA serves as a potential support level for the NZD/USD.
- A break below this critical threshold would likely lead to increased selling pressure.
- Market participants should monitor the behavior around this level for indications of the next significant move.
Looking Ahead
The overall sentiment within the market suggests that the majors are exerting considerable control over various currencies. Observations of price action below the 200-day SMA could herald further declines for the NZD/USD pair.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.