FxWirePro: NZD/USD extends weakness below 21-EMA, broad-based US dollar strength dominates amid rising risk-off

NZD/USD chart - Trading View 

NZD/USD is extending weakness for the 2nd straight session, bias is turning bearish.

The pair was trading 0.52% lower on the day at 0.5965 at around 06:40 GMT.

Price action has slipped below 21-EMA support, technical studies are turning bearish.

Major and minor trend as evidenced by GMMA indicator are bearish. Price action has slipped below 200H MA.

Fears of impending global recession and the resultant haven demand for the US dollar keeps downside pressure.

Technical studies are poised for bearish reversal. Stochs are on verge of rollover from overbought levels.

Upside capped below 0.60 handle. Bears eye April lows at 0.5843. Next major support aligns at 23.6% Fib at 0.5772.

Support levels - 0.5949 (20-DMA), 0.5872 (Kijun Sen), 0.5772 (23.6% Fib)

Resistance levels - 0.6010 (21-EMA), 0.6047 (5-DMA), 0.6136 (55-EMA)