NZD/USD Technical Analysis: Daily MACD offers bearish signal

• NZD/USD's daily MACD has turned bearish for first since mid-November. 
• A corrective pullback to ascending moving average could be in the offing. 

NZD/USD could feel the pull of gravity on Monday, as a key indicator is offering a bearish signal for the first time in over a month. 

The daily MACD histogram, an indicator used to identify trend changes and trend strength, has dropped below zero, signaling a bullish-to-bearish trend change. 

The first negative reading since mid-September indicates the rally from lows near 0.6330 has ended and bears have likely regained control. 

The below-zero MACD adds credence to Dec. 13's bearish inverted hammer and has likely opened the doors for a drop to the ascending 5-week moving average, currently at 0.6555. 

At press time, NZD/USD is trading at 0.6602, representing marginal gains on the day. 

Daily chart

Trend: Bearish

Technical levels