NZD/USD (a 4-hour chart)
The commodity currencies fell in the light of oil prices decrease. Investors were cutting their long positions after the recent sharp rally of oil prices.
Despite the bullish trend, sellers have the ball now. Bears are pushing the price down, the instrument is approaching the support 0.7320. The moving averages (50, 100 and 200) direction is upwards. The NZD/USD is approaching the 50-EMA which acts as a support for the price. The resistance is at 0.7400, the support comes in at 0.7320.
The MACD histogram decreased which indicates the buyers’ weakness. RSI left the overbought area and is approaching the oversold one.
If the downward pressure persists sellers will lead the price towards 0.7320. Alternatively, the price may rebound upwards from the nearest support and resume its uptrend towards 0.7400-0.7450.