Chart - Courtesy Trading View
Technical Analysis:
- NZD/USD was trading 0.23% higher on the day at 0.6319 at around 11:00 GMT
- The pair has paused downside with a Doji formation on Monday's candle
- Price action is attempting to retrace above cloud top
- Momentum is bearish, Stochs are biased lower and RSI is below 50
- GMMA indicator shows major trend is bullish, while minor trend is bearish
Support levels:
S1: 0.6252 (110-EMA)
S2: 0.6187 (200-DMA)
Resistance levels:
R1: 0.6322 (55-EMA)
R2: 0.6382 (5-DMA)
Summary: Focus on speech from Fed chair Jerome Powell for cues about the central bank's likely monetary policy action ahead.
NZD/USD trades with a bearish bias. Scope for more downside. Decisive break above daily cloud will change near-term dynamics.
