NZD/USD chart on Trading View used for analysis
- NZD/USD is trading at 0.6722, largely muted on the day, with a doji formation.
- Intraday bias for the pair remains bearish. Break below cloud raises scope for further downside.
- The major has broken channel base support and upside remains capped at 5-DMA which is sharply lower.
- Looming U.S. government shutdown when the new Congress convenes and Democrats take over the House of Representatives is souring risk sentiment, keeping the antipodeans under pressure.
- Momentum with the bears. Breach at cloud support will see weakness till 61.8% Fib at 0.6632.
- On the flipside, retrace into channel and break above 200-DMA could see upside.
Support levels - 0.6719 (cloud top), 0.6697 (50% Fib), 0.6654 (cloud base), 0.6632 (61.8% Fib)
Resistance levels - 0.6763 (5-DMA), 0.68, 0.6830 (200-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
