Chart - Courtesy Trading View
Technical Analysis:
- NZD/USD was trading 0.56% lower on the day at 0.6328 at around 07:20 GMT
- The pair has dipped into daily cloud, raising scope for further downside
- Price action has failed to hold break above 110-EMA, has slipped below 200H MA
- GMMA indicator shows major and minor trend have turned bearish on the intraday charts
- Momentum is turning bearish. RSI is biased lower and Stochs are on verge of bearish rollover from overbought levels
Support levels:
S1: 0.6307 (21-EMA)
S2: 0.6264 (50-DMA)
Resistance levels:
R1: 0.6341 (200H MA)
R2: 0.6394 (5-DMA)
Summary: NZD/USD is extending weakness for the second consecutive session. Break below cloud top has raised scope for more weakness. Dip till 50-DMA at 0.6264 likely. Hawkish FOMC minutes will add downside pressure on the pair.
