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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 a lower top by 0.7310 to be confirmed on break back below 0.7080. Price action on Thursday thus far has been encouraging with the break below 0.7165 ending a sequence of consecutive daily higher lows. The market now finally looks primed for a close below the 50-Day SMA.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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