NZDUSD is moving sideways in a tight range with the upper boundary the 0.6857 resistance and lower boundary the 13-month low of 0.6700. The price is still developing within the 20- and 40-day simple moving averages (SMAs) and the technical indicators are confirming the weak momentum. The RSI is moving near the neutral threshold of 50, while the MACD is standing above its trigger line in the negative region.
If the price overcomes the 40-day SMA and the 0.6857 crucial level, the next target for the bulls could be the 0.6980 barrier and the 200-day SMA at 0.7025. Steeper increases could open the door for the 0.7215 hurdle, while more advances could endorse a bullish structure until 0.7313.
On the flip side, a daily close beneath the 0.6700 psychological mark could add more pressure to the downside, hitting 0.6585 and the 0.6510 support level.
All in all, NZDUSD has been in a somewhat bearish tendency over the last year and only a jump above 0.7313 may change the current outlook to bullish.
