NZD/USD Price Analysis: Kiwi unable to move away from critical support

• Kiwi remains under pressure versus US Dollar still above key support area.
• NZD/USD finds support above recent lows; bearish bias prevails.

The NZD/USD is falling on Thursday amid a stronger US dollar and risk aversion. The decline, like last week, found support above the 0.6920 area (June lows). A firm break under that area should lead to a test of 0.6900 and to more losses with not much support until 0.6790.

The pair continues to move sideways between 0.7100 and 0.6900 with a bearish bias. A recovery above the 20-day simple moving average at 0.7120 would ease the negative tone.

Technical indicators are also biased to the downside. Still, the price needs to break the critical 0.6920 area (or 0.6900 to have a stronger confirmation), to clear the way to an extension of the decline. Also, the 55-week moving average is around the mentioned area. So a weekly close below should also point to more losses.

NZD/USD Daily chart