NZD/USD Price Analysis: Pair gets rejected again by the 20-day SMA, more downside on the horizon

• The NZD/USD got rejected by the 20-day SMA by the fourth time this week.
• Technical indicators point to increasing selling pressure and decreasing buying pressure.
• A breakout from the 0.5940-0.6030 range will confirm a bearish outlook.

In Friday’s session, the NZD/USD declined by 1.05% to 0.5960, continuing its downward trend as the pair got rejected by a third time this week by the 20-day Simple Moving Average (SMA).

The Relative Strength Index (RSI) is currently at 40 and in negative territory, indicating that selling pressure is rising. The RSI’s slope is declining sharply, suggesting that selling pressure is increasing. The Moving Average Convergence Divergence (MACD) is also showing a mixed outlook, with the histogram being green but decreasing, indicating that buying pressure is declining.