Chart - Courtesy Trading View
Technical Analysis:
- NZD/USD was trading 0.25% lower on the day at 0.6094 at around 09:45 GMT
- Price action is below daily cloud and Chikou span is biased lower
- Volatility is high and momentum is strongly bearish, with Stochs and RSI sharply lower
- GMMA indicator shows major and minor trend are strongly bearish
- MACD and ADX support downside in the pair, recovery remains capped at 5-DMA
Support levels - 0.6003 (Lower BB), 0.5920 (May 2020 low)
Resistance levels - 0.6107 (5-DMA), 0.6189 (21-EMA)
Summary: NZD/USD trades with a bearish bias. The pair is poised to extend weakness. Scope for break below 0.60 levels.
