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FxWirePro: NZD/USD Daily Outlook

Monday, September 5, 2022 10:34 AM UTC

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.

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FxWirePro: NZD/USD Daily Outlook

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