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FxWirePro: NZD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

- NZD/USD was trading 0.16% higher on the day at 0.7053 at around 05:55 GMT

- The pair is extending gains for the 2nd straight session

- 5-DMA is sharply lower, price action is below major moving averages

-  volatility is high and rising as evidenced by widening Bollinger bands

- Momentum is bearish, RSI is well below the 50 mark

Support levels - 0.6987 (Daily cloud), 0.6960 (23.6% Fib), 0.6935 (Trendline)

Resistance levels - 0.7060 (5-DMA), 0.7094 (200-DMA), 0.71

Summary: NZD/USD was trading with a bearish bias. 5-DMA caps upside at 0.7060, decisive break above could change near-term dynamics. 
 

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