NZD/USD is trading in the red in Asia after scoring gains for the third straight day on Tuesday.
On the hourly chart, the pair has breached key ascending trendline. The relative strength index (RSI) has dropped into bearish territory below 50 and the 5- and 10-candle moving averages (MAs) are trending south.
As a result, the 50-hour MA support of 0.6835 could be put to test soon. A violation there would only bolster the already bearish setup and open the doors to 0.68.
A strong bounce from the 50-hour MA, however, would weaken the bearish case.
- R3 0.6925
- R2 0.69
- R1 0.688
- PP 0.6855
- S1 0.6835
- S2 0.681
- S3 0.679
Updated Mar 12, 00:00 GMT