FxWirePro: NZD/USD rangebound at 55-EMA support, break below will see further weakness

NZD/USD chart - Trading View 

NZD/USD comatose around 55-EMA support, weakness to continue on break below.

The pair is poised to extend its decline. Break below 200-DMA has opened up downside.

US / China trade talks along with the Federal reserve’s decision next week will be watched for impetus.

RSI has slipped below 50 and Stochs have rolled over into neutral from overbought levels.

Break below 55-EMA finds next support at daily cloud. Break below cloud required for bearish continuation. 

Failure to break below 55-EMA and retrace above 200-DMA will see upside resumption.

Support levels - 0.6657 (55-EMA), 0.6632 (cloud top), 0.6595 (Lower BB)

Resistance levels - 0.6682 (21-EMA), 0.6696 (5-DMA), 0.6721 (200-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-ignores-Doji-resumes-weakness-below-200-DMA-good-to-go-short-on-upticks-1559239) has hit TP1/2.

Recommendation: Book partial profits at lows. Trail stop loss to 0.67. Watch out for break below 55-EMA for further downside.

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