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Technical Analysis – NZDUSD looking more bearish near 6-year lows

NZDUSD turned positive on Thursday but short-term indicators are looking bearish with the Stochastics still negatively aligned and RSI unable to recover enough to climb above 50.

The Tenkan-sen line provides the nearest support at 0.6423. If prices fall below this level, they could be retesting the August 24 low when the pair hit 0.6140 after a brief spike downwards. A drop below this level would put the pair firmly on the long-term downtrend.

With prices trading below the moving averages and Ichimoku cloud, the medium-term outlook is bearish. NZDUSD needs to break above the 50-day moving average at 0.6643 to halt the current downslide.

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