Analyzing the Recent Decline in NZD/USD and the Challenge of Overcoming 20-Day SMA Resistance

Monday, 15 July 2024, 19:35

The NZD/USD pair experienced a decline of 0.60% in Monday's session, reaching 0.6080. Bulls are facing resistance at the 20-day Simple Moving Average (SMA), indicating a struggle for an upward reversal. Traders need to closely monitor the price action to gauge potential market direction. Resistance at the SMA level may suggest a prolonged bearish trend unless bulls can overcome this hurdle.
Fxstreet
Analyzing the Recent Decline in NZD/USD and the Challenge of Overcoming 20-Day SMA Resistance

Analysis:

The NZD/USD pair encountered a decline of 0.60% on Monday, reaching 0.6080.

Challenges:

  • Bulls are facing resistance at the 20-day SMA level.

Traders are closely monitoring the price action for signs of a potential reversal.

Conclusion:

  1. Resistance at the 20-day SMA could signal a bearish continuation if not surpassed by bulls.

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.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe