NZD/USD chart - Trading View
NZD/USD dives over 0.70% on the day to hit 5-day low at 0.6982, outlook turns bearish.
The pair remains depressed below 0.7000 handle despite upbeat comments from RBNZ Governor Adrian Orr.
Risk-off mood in Asia-Pacific amid concerns about the spread of the highly infectious Delta variant of the coronavirus weighed on the pair.
Focus now on the US Consumer Confidence and housing data which could provide fresh trading impulse.
Further weakness seen ahead of Friday’s US Nonfarm Payrolls. Focus also on China’s official PMIs, due Wednesday, for intermediate clues.
Support levels - 0.6947 (55-week EMA), 0.6922 (June 18 low), 0.6915 (Trendline)
Resistance levels - 0.6993 (23.6% Fib), 0.7021 (200H MA), 0.7045 (200-DMA)
Summary: Technical bias for the pair has turned bearish after failure to extend break above 200-DMA. The pair is on track to test major trendline support at 0.6915, break below will plummet prices further.
