NZDUSD sank to a fresh three-and-half month low of 0.6080, earlier today after the aggressive selling interest on Tuesday. The price is currently holding beneath the 200-day simple moving average (SMA) and the 0.6130 key level as well as below the bearish cross within the 20- and the 50-day SMAs.
According to the technical oscillators, the RSI indicator dived towards the 30 level and is flattening, while the MACD is strengthening its bearish momentum below its trigger and zero lines. Both are confirming the recent negative structure.
Should prices decline, immediate support could be found around the 0.6000 psychological mark before tumbling towards the 0.5840 support, shifting the outlook to strongly bearish.
However, if the market manages to pick up speed, the 0.6130 resistance and the 200-day SMA at 0.6165 could pose as a nearby barrier. A significant close above the latter would break the 20-day SMA at 0.6230 and the 0.6270 line, raising chances for further increases.
Summarizing, the outlook remains negative in the short-term timeframe since prices hold below all the moving average lines and near the recent low.
