NZD/USD Price Analysis: Struggles around 0.6150, aims to recapture two-year low at 0.6020

• NZD/USD has sensed barricades around 0.6150, downside looks likely amid an overall bearish structure.
• The 20-and 50-EMAs have represented a bear cross, which adds to the downside filters.
• A decisive move below 40.00 by the RSI (14) will trigger a fresh sell.

The NZD/USD pair is struggling to cross the immediate hurdle of 0.6150 after a less-confident rebound from 0.6130 in the Asian session. Broadly, the asset is displaying sideways movement around 0.6140 and the short-lived pullback is likely to turn into a fresh sell ahead.

On the daily scale, the asset is declining towards the two-year low at 0.6023, recorded on July 14. The major is continuously following the lower-high lower-low structure, which bolsters the odds of more downside ahead.

A bear cross, represented by the 20-and 50-period Exponential Moving Averages (EMAs) at 0.6281 has triggered a fresh downside leg.

Meanwhile, the Relative Strength Index (RSI) (14) is hovering around 40.00 continuously for the past week. A decisive slippage below 40.00 will trigger the downside momentum, which will strengthen the greenback bulls.

A pullback move to near Aug 22 low at 0.6156 will trigger a bargain sell, which will drag the asset towards the round-level support at 0.6100, followed by a two-year low at 0.6023.

Alternatively, a break above Thursday’s high at 0.6252 will send the asset towards August 8 high at 0.6304. A breach of the latter will unleash the kiwi bulls for further upside towards August 1 high at 0.6353.

NZD/USD daily chart