Technical Analysis: NZDUSD struggles between 10-day and 21-day SMAs
NZDUSD defies the previous three-day declines while bouncing off 10-day SMA on Thursday. Even so, the pair stays below 0.6000 resistance confluence comprising 21-day SMA and a three-week-old falling trend line. As a result, traders will look for a clear break above 0.6000 to aim for Friday's top surrounding 0.6070. Though, pair's further upside past-0.6070 could be questioned by 50% Fibonacci retracement level of 0.6110.
Meanwhile, the pair's daily closing below the 10-day SMA level of 0.5885 could renew selling pressure towards 23.6% Fibonacci retracement level of 0.5775. In a case where the bears keep dominating past-0.5775, 0.5730, 0.5700 and 0.5590 could please the sellers ahead of diverting them to the previous month low around 0.5470.