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Chart - Courtesy Trading View
Technical Analysis:
- NZD/USD was trading 0.11% higher on the day at 0.6085 at around 09:15 GMT
- The pair has pared some losses and has recovered from over a two-year low
- GMMA indicator shows major and minor trend are strongly bearish
- MACD and ADX support downside in the pair, price action is below cloud
- Momentum is strongly bearish, Stochs and RSI are sharply lower
- Volatility is high and rising as evidenced by widening Bollinger bands
Support levels:
S1: 0.6015 (Lower BB)
S2: 0.60
Resistance levels:
R1: 0.6154 (200H MA)
R2: 0.6196 (21-EMA)
Summary: NZD/USD recovery lacks traction. Major trend is bearish and the pair is poised to extend downside.
