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NZD/USD is trading modestly lower during Monday’s trading session, with sellers taking the upper hand. NZD/USD faces strong resistance at the 200-day simple moving average (SMA), making it difficult to consolidate the upward trend. Indicators are flattening, suggesting that the bulls’ moment of strength may be coming to an end.
The RSI is above 50 on the daily chart, with momentum flattening. At the same time, the Moving Average Convergence Divergence (MACD) indicator bar shows that buying momentum is weakening, and the green bar is gradually narrowing.
