Bear bias persists, 20-day SMA is gone

• NZD/USD fell 0.50% to 0.6145 on Monday.
• The RSI is in positive but declining territory, indicating an upward pullback.
• The pair has lost its 20-day SMA, which signals flash selling.

In Monday’s session, the New Zealand dollar weakened against its US counterpart, extending its losing streak to two days. NZD/USD fell 0.50% to a low of 0.6145 as bears continued to dominate the market.

The Relative Strength Index (RSI) is currently at 50, which is in positive territory, but has a negative slope, suggesting bears are advancing. The Moving Average Convergence Divergence (MACD) has printed red bars, a sign of continued bearish momentum. This is in line with recent price action, which shows that the bears are in control.

NZD/USD Daily Chart

The 20-day simple moving average (SMA) has now turned into a resistance level around the 0.6160 level, and the bulls will find support around the 0.6130 level and below, at the psychological mark of 0.6100 . The pair must recover said average to stop the bleeding.

.