NZDUSD Eases Below 0.72 Avoiding To Show A Clear Direction

NZDUSD found some resistance around the 20- and 40-period simple moving averages (SMAs) earlier today and returned to a bearish move thereafter.

The price is currently traveling beneath the 0.7200 handles, where any decisive close higher may prove valuable to the market. The red Tenkan-sen however, remains below the blue Kijun-sen and the RSI is currently flirting with the 50 levels, pointing to softer short-term trading. The stochastic oscillator is heading south in the 4-hour chart.

A pullback may meet immediate support around the 200-period SMA at 0.7170 and the 0.7150 barriers, while slightly lower the bears could try to overcome the 0.7100-0.7120 zone. Should the price retreat under the latter area too, the 0.7065 barriers could come under speculation.

In the positive scenario, the pair could improve above the short-term SMAs to challenge a stronger resistance around 0.7270. The 0.7305 level, however, which strictly caped bullish action the last ten days, remains the big highlight.

Meanwhile, in the medium-term picture, the situation seems to have become neutral as the price has failed to create a clear direction.

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