NZD/USD Price Analysis: Fails to justify bull cross around 0.6800
- NZD/USD remains pressured near intraday low during three-day downtrend.
- Bullish moving average crossover, firmer RSI keep buyers hopeful.
- Sellers remain cautious until witnessing 0.6775 break, bulls can aim for 200-SMA.
NZD/USD sellers dominate for the third consecutive day, down 0.15% intraday surrounding the daily lows close to the 0.6800 threshold during early Tuesday.
In doing so, the kiwi pair fails to track the bullish signals by the 50-SMA cross over the 100-SMA amid a firmer RSI line. The reason for the quote’s pullback could be linked to the failures to cross the 200-SMA.
Even so, the latest weakness remains elusive until staying beyond the SMA convergence near 0.6780-75.
Following that, the 0.6725 and the yearly low near 0.6700 may probe the NZD/USD bears before directing them to the November 2020 low near 0.6590.
Meanwhile, a clear upside break of the 200-SMA level of 0.6850 will need validation from September’s low near 0.6860 before convincing the NZD/USD bulls.
On a broader front, NZD/USD consolidates November’s losses amid a quiet session.
NZD/USD: Four-hour chart
Trend: Limited downside expected