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FxWirePro: NZD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

GMMA Indicator

- Major trend is bearish, while minor trend is turning bearish

Ichimoku Analysis

- Price action is below cloud and Chikou span is biased lower

Oscillators

- Stochs and RSI show bearish momentum is gaining strength

- Stochs are on verge of bearish rollover from overbought zone

- RSI is below 50 mark and is turning South

Bollinger Bands

- Bollinger bands are narrow and constricted

Major Support Levels: 0.6780 (20-DMA), 0.6745 (200-week MA), 0.6675 (Lower W BB)

Major Resistance Levels: 0.6809 (21-EMA), 0.6842 (Upper BB), 0.6890 (55-EMA)

Summary: NZD/USD was trading with a bearish technical bias. Failure of bulls to take price above 21-EMA has reinforced bearish bias. Resumption on weakness likely below 20-DMA. Scope for test of 200-week MA at 0.6745.
 

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