FxWirePro: NZD/USD resumes downside after brief pause, on track to test 61.8% Fib at 0.6632, stay short

NZD/USD chart - Trading View 

• NZD/USD has resumed downside after brief pause on Friday's trade, bias bearish.
   
• Technical indicators support weakness, RSI and Stochs are sharply lower, MACD and DMI support downside.
   
• The pair is extending downside after break below 200-DMA and channel base support. Price action below cloud and major moving averages.
   
• GMMA indicator has indicated a shift in near-term trend. Scope for weakness till 61.8% Fib at 0.6632 and then 0.6585 (Dec 31st low).
   
• Immediate resistance is seen at 5-DMA at 0.6707. Retrace above 200-DMA will see upside till 21-EMA. Breakout at 21-EMA will see further gains.

Support levels - 0.6632 (61.8% Fib), 0.66, 0.6585 (Dec 31st low)

Resistance levels - 0.6696 (50% Fib), 0.6730 (200-DMA), 0.6753 (21-EMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-USD-holds-support-at-channel-base-good-to-go-short-on-break-below-1526960) has hit TP1. 

Recommendation: Trail SL to 0.67. Hold for further downside. 

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