On Tuesday, the NZD/USD continues to trade sideways with minor losses.
NZD/USD movedsideways with mild losses while pair remains under the 20-day SMA. The Kiwi's outlook continues to skew bearish in the short term while the 100 and 200-day SMAs converge at 0.6070 potentially brightening the broader picture. Despite the bearish sentiment, a break above 0.6150, the position of the 20-day SMA, would change direction. Sellers have consolidated their stance and taken the pair under the 20-day Simple Moving Average .
Beneath that, additional support is available at the converging 100 and 200-day SMAs at 0.6070. If the pair continues its descent, these levels could provide a robust defense. A failure to hold these SMAs could signal a deepening of the sell-off scenario. Conversely, resistance remains at the 20-day SMA at 0.6150, with additional resistance points at 0.6170 and 0.6200.
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