FxWirePro: NZD/USD rejected at daily cloud, break below 20-DMA to see further downside

NZD/USD chart - Trading View 

NZD/USD extends downside for the 4th straight session, bias bearish.

Recovery in the pair has been rejected at daily cloud and price action has slipped below 21-EMA.

'Death Cross' (bearish 50-DMA crossover on 200-DMA) formation on the daily charts keeps scope for downside.

Technical indicators are bearish. 5-DMA has turned and Stochs and RSI are sharply lower.

The major finds immediate support at 20-DMA at 0.6560, break below will see further weakness.

Next major support lies at 0.6485 (trendline support), violation there to see further weakness.

Support levels - 0.6560 (20-DMA), 0.6525 (May 8th lows), 0.6485 (trendline)

Resistance levels - 0.6618 (50-DMA), 0.6633 (cloud base), 0.6707 (200-DMA)

Recommendation: Watchout for break below 20-DMA to go short, target 0.6485

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