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​Technical Analysis: NZDUSD struggles between 10/21-day SMA amid a broad downtrend

With the US dollar recovering Monday's losses on expectations of the broad stimulus and receding coronavirus fears, NZDUSD struggles between 10 and 21-day SMA. However, a daily close below 0.6295 level comprising 10-day SMA is less likely considering the oversold conditions of RSI. Should that happen, buyers should leave the hope of failing the gradual declines from the year's start while targeting 0.6200 during the further downside.

On the upside, a daily closing beyond 21-day SMA level of 0.6345 to early-February highs near 0.6500. However, February 10 low close to 0.6370 might act as an intermediate halt during the recovery. In a case where the bulls manage to rise past-0.6500, mid-January lows near 0.6580 will be on the bulls' radars.


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