NZD/USD (a 4-hour chart)
The dollar moved from 9-month high on Wednesday. Despite the latest decline the dollar is strong on expectations of Fed rate-hike by the end of 2016.
After one week decline the pair regained its lost ground and jumped to weekly high levels. Buyers moved the price to the mark 0.7180 where the growing momentum faded. The price encountered a solid resistance in the face of the 200-EMA which rejected it downwards in the 4 hours chart. The pair was between the 200 and 100 EMAs ahead of the NY opening. The moving averages kept moving lower. The resistance is at 0.7200, the support can be found at 0.7120.
MACD is in the positive area. MACD decrease which indicates the buyers’ positions weakening. RSI moved upwards.
Bears will retain control if the price bounces downwards from the 200-EMA. Sellers will lead the price towards 0.7120. After breaking the level the price may drop to 0.7080.