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NZD/USD – While the latest pullback and break of the 50-Day SMA has been impressive, a close below the 50-Day SMA will be required to officially shift the structure and open the door for an acceleration of declines. The last time the market closed below the 50-Day SMA was back in early March, when the market was trading below 0.5500. Look for resistance ahead of 0.7265 with only a clear break back above this level to delay bearish prospects. Tuesday’s price action warns that we could be finally on the verge of a close below the 50-Day SMA currently at 0.7175.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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