On Tuesday, the NZD/USD saw minimal gains, with the pair now testing the crucial convergence of the 100 and 200-day Simple Moving Averages (SMAs) near the 0.6070 level and cleared daily losses.
In Tuesday's session, NZD/USD marginally rose, while bears tested the 100 and 200-day Simple SMA convergence at 0.6070. Buyers saw some resilience but the dominant force seems to be the selling one. On Tuesday, the NZD/USD saw minimal gains, with the pair now testing the crucial convergence of the 100 and 200-day Simple Moving Averages near the 0.6070 level and cleared daily losses.
Similarly, the Moving Average Convergence Divergence continues to print flat red bars, signaling the subdued but bearish market bias. NZD/USD daily chart The NZD/USD encounters immediate support near the 0.6070 threshold, coinciding with the meeting point of the 100 and 200-day SMAs. If the bears break below it, more selling pressure could mount, confirming a deeper downswing. More support can be found near the 0.6050 level and below at 0.6030.
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