NZD/USD has been resilient in December, but is still in a bearish trend in the medium-term. Let’s take a look at the charts as the kiwi-greenback threatens the 0.78 handle and a falling trendline.
The NZD/USD is testing a falling trendline, the 0.78 level, and the 200-period SMA. If price breaks above 0.78 and then stays above 0.7735, there is a bullish outlook towards 0.79. However, as price approaches 0.79 NZD/USD will be challenged by a falling channel resistance from October.
Now, if price fails to clear 0.78 and falls below 0.7735, the pressure returns towards the 0.7610-0.7625 lows on the year.
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