FxWirePro: NZD/USD extends bearish gap open, poised for more downside

Chart - Courtesy Trading View 

Spot Analysis:

NZD/USD was trading 0.75% lower on the day at 0.6692 at around 06:25 GMT

Previous Week's High/ Low: 0.6809/ 0.6630

Previous Session's High/ Low: 0.6751/ 0.6684

Fundamental Overview:

The risk-perceived antipodeans remain depressed ahead of Putin-Zelenskyy truce meet.

Russia unperturbed even after the Western countries imposed harsher sanctions in response to the former's invasion of Ukraine.

Russian President Vladimir Putin has put nuclear arsenal on high alert, raising fears of a nuclear war.

Data Watch:

Manufacturing PMI by the US Institute for Supply Management (ISM) data, which is due on Tuesday.

Wednesday’s Building Permits data by the Statistics New Zealand.

Technical Analysis:

- NZD/USD has snapped a 4-week bullish streak

- The pair is extending a bearish gap open, scope for further downside

- Recovery in the pair has been rejected at 110-EMA and daily cloud

- Stochs and RSI are biased lower, Stochs confirm rollover from overbought levels

Major Support and Resistance Levels:

Support - 0.6592 (Feb 14 low), Resistance - 0.6693 (21-EMA)

Summary: NZD/USD poised for further weakness. Scope for dip below 0.66 level.