NZDUSD looks to be mostly bearish after a descent from the 0.6155 resistance level, returning the price back below the simple moving averages (SMAs) and the Ichimoku cloud.
The short-term oscillators reflect a stall in the negative momentum. The MACD, in the negative area, has moved above its red trigger line, while the RSI hovers below its neutral mark, pointing slightly up. That said, a conflicting bearish picture is currently displayed within the Ichimoku lines and all the SMAs.
If sellers manage to close decisively below the red Tenkan-sen line, the 0.5955 support could deter the price from encountering the 0.5910 support. Falling below this line, the 0.5845 may challenge bears’ efforts, registered on April 3.
Alternatively, to the upside, an initial important resistance region from the 0.6015 level to the 200- and 20-day SMAs at 0.6020 could prove difficult to overrun. Conquering this, the 40-day SMA at 0.6054 could halt the climb towards the upper surface of the Ichimoku cloud around 0.6100, a break of which would send price to challenge the 0.6120 resistance.
In the bigger picture, NZDUSD has been in a neutral-to-bullish outlook, failing to form a clear direction.
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