FxWirePro: 'Death Cross' confirmed on NZD/USD, further downside on charts

NZD/USD chart - Trading View

NZD/USD trades 0.14% lower on the day at 0.6494 at 0550 GMT.

'Death Cross' (Bearish 50-DMA crossover on 200-DMA) formed on daily charts raises scope for further downside.

Data released earlier today showed New Zealand headline retail sales grew 0.7% versus 0.0% forecast and 1.7% prior.

While retail sale ex-autos, also known as core retail sales, lagged behind +0.9% market consensus and 2.0% prior to +0.7%.

The pair is in a major downtrend and is extending weakness for the 3rd straight month.

Doji formation seen on March month candle, bearish sentiment remains intact.

Price action has breached channel support on the daily charts and eyes next immediate support at 0.6486 (88.6% Fib).

Further weakness will take the pair to 0.6424 (Oct 8th low). Bearish invalidation above 200-DMA.

Support levels - 0.6486 (88.6% Fib), 0.6465 (Oct 26 low), 0.6424 (Oct 8 low)

Resistance levels - 0.6516 (5-DMA), 0.6587 (converged 20-DMA and 21-EMA), 0.66 

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.