The NZD/USD pair has once again been rejected by the 200 Simple Moving Average (SMA). This key technical level has proven to be a strong resistance for the pair in recent trading sessions. Traders are closely watching this level to see if the pair will be able to break above it in the near future.
The 200 SMA is a widely watched indicator in the forex market, as it can provide valuable insights into the direction of a currency pair. In this case, the NZD/USD pair’s inability to break above the 200 SMA suggests that there is strong selling pressure at this level.
Traders will be monitoring the pair closely in the coming days to see if it can make another attempt to break above the 200 SMA. If the pair is able to break through this key resistance level, it could signal a potential bullish trend in the near term.
Overall, the rejection of the NZD/USD pair by the 200 SMA highlights the importance of technical analysis in forex trading. Traders will continue to watch this key level to gain insights into the future direction of the pair.