New Zealand Dollar Rejected at 20 day SMA

We wrote yesterday that “with Kiwi unable to push through the 20 day SMA the last 3 days, it seems wise to adopt a neutral / cautious bearish stance against .7403 (a psychological figure as well at .7400).”

The short term structure is not nearly as clear as the short term structure for the AUDUSD but remaining below .7403 keeps the bearish bias strong. .7343 is initial resistance and .7367 is the 61.8% of .7403-.7308.