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Chart - Courtesy Trading View
Spot Analysis:
NZD/USD was trading 0.26% lower on the day at 0.6077 at around 08:30 GMT.
Previous Week's High/ Low: 0.6194/ 0.6050
Previous Session's High/ Low: 0.6105/ 0.6076
Fundamental Overview:
Market’s firmer sentiment, as well as a pullback in the US Dollar Index (DXY) keeps downside pressure in the pair.
Focus now on the key US Services PMI for August due later in the day at 1400 GMT, expected 55.5 versus 56.7 prior.
Technical Analysis:
- NZD/USD trades below daily cloud, Chikou span is biased lower
- MACD and ADX support downside in the pair
- Momentum is bearish, volatility is high and rising
- GMMA indicator shows major and minor trend are bearish
Major Support and Resistance Levels:
Support - 0.5982 (Lower BB), Resistance - 0.6178 (21-EMA)
Summary: NZD/USD trades with a bearish bias. The pair is on track to test fresh multi-month lows below 0.60 handle.
