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Chart - Courtesy Trading View
Technical Analysis:
- NZD/USD was trading 0.72% lower on the day at 0.6097 at around 11:50 GMT
- The pair is extending weakness for the second straight session, slips below 5-DMA
- Momentum is turning bearish, RSI has rolled over from near-overbought levels
- Chikou span is biased lower, GMMA indicator has turned bearish on the hourly charts
- Inverted Hammer formed on the dialy charts raises scope for downside in the pair
Support levels -0.6042 (110-EMA), 0.6029 (200H MA)
Resistance levels - 0.6122 (5-DMA), 0.6199 (Upper BB)
Summary: NZD/USD shows signs of minor reversal. Some pullback likely on account of overbought conditions. Next major support is seen at 110-EMA at 0.6041. Bullish invalidation only below daily cloud.
