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FxWirePro: NZD/USD tests fresh two week lows around 0.62 mark, poised for more downside

Chart - Courtesy Trading View 

Spot Analysis:

NZD/USD was trading 0.44% lower on the day at 0.6213 at around 10:05 GMT

Previous Week's High/ Low: 0.6364/ 0.6243

Previous Session's High/ Low: 0.6313/ 0.6236

Fundamental Overview:

Recession fears dampened investors’ sentiment, driving flows away from the risk-sensitive aussie.

Hawkish comments by New York Fed President John Williams and San Francisco’s Mary Daly, lifted bets for aggressive Fed rate hikes, supporting the dollar.

Investors preferred to wait for Fed Chair Jerome Powell's speech at the ECB forum in Sintra. 

Powell's comments would be watched for clues about the Fed's policy outlook, which would provide a fresh impetus to the pair.

Technical Analysis:

- NZD/USD grinds lower for the third consecutive session

- Price action below major moving averages which are biased lower

- Momentum is bearish, volatility is high and rising

- GMMA indicator shows major and minor trend are bearish

Major Support and Resistance Levels:

Support - 0.6150 (Lower BB), Resistance - 0.6268 (5-DMA)

Summary: NZD/USD trades with a bearish bias. The pair is on track to test fresh yearly low. 

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