NZD/USD Price Analysis: Bears lurking at 21-day EMA

• NZD/USD is pressing against a critical daily resistance. 
• The daily 21-EMA is under pressure, failures could lead to downside continuation. 

NZD/USD is testing the bearish commitments from the prior support structure that would be expected to act as resistance.

A 50% mean reversion is significant and failures at resistance could lead to a downside continuation below the current daily support structure.   

NZD/USD daily chart

The 21-EMA and the confluence with the prior lows and the 50% mean reversion level offers a convincing case for the bears.

A break of this structure, on the other hand, would raise prospects of a break to the upside.