- NZD/USD moved sideways with mild losses while pair remains under the 20-day SMA.
- The Kiwi's outlook continues to skew bearish in the short term while the 100 and 200-day SMAs converge at 0.6070 potentially brightening the broader picture.
- Despite the bearish sentiment, a break above 0.6150, the position of the 20-day SMA, would change direction.
On Tuesday, the NZD/USD continues to trade sideways with minor losses. Sellers have consolidated their stance and taken the pair under the 20-day Simple Moving Average (SMA). Despite this, the convergence of the 100 and 200-day SMAs at 0.6070 could paint a more optimistic picture if they complete a bullish crossover.
The Relative Strength Index (RSI) on the daily chart fell to 49, suggesting more bearishness. Still, despite the downward shift, the RSI remains near the neutral zone. The Moving Average Convergence Divergence (MACD) remains flat with red bars, showcasing a seller's market.
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