FxWirePro: NZD/USD confirms 'Death Cross' on daily chart, more downside to follow
NZD/USD chart - Trading View
NZD/USD was trading 0.67% lower on the day at 0.6915 at around 09:00 GMT.
The pair snapped 4-day winning streak and edged lower to refresh weekly lows.
A 'Death Cross' (bearish 50-DMA crossover on 200-DMA) confirmed on the daily charts keeps scope for downside.
Momentum is bearish, RSI is below the 50 mark and biased lower. GMMA indicator shows major trend is strongly bearish, while minor trend is shifting bearish.
The dollar regains composure, adds to downside pressure. DXY was up 0.19% on the day at 92.80.
Strong supports for the pair align at 0.6953 (55-week EMA) and 0.6915 (Trendline). Break below trendline support will plummet prices further.
Focus will be on US Durable Goods Orders and Consumer Confidence data for impetus. Strong data could add to the weakness in the pair.