- NZD/USD is extending weakness for 2nd straight session after the major fails to hold break above 50-DMA.
- Price action has slipped below 0.73 handle and the pair is trading 0.23% lower on the day at 0.7254 at the time of writing.
- Technical studies are indecisive. RSI has edged below 50 levels and momentum is still bullish.
- Price action has slipped below 5-DMA at 0.7260 and close below raises scope for downside till 200-DMA at 0.7183.
- Caution seen in the markets ahead of the crucial March non-farm payrolls release due later in the NY session.
Support levels - 0.7252 (4H 50-SMA), 0.7245 (55-EMA), 0.7185 (nearly converged 200-DMA and 38.2% Fib and cloud base)
Resistance levels - 0.7281 (50-DMA), 0.73, 0.7328 (61.8% Fib), 0.7354 (March 13/14 high)
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 33.6668 (Bearish), while Hourly USD Spot Index was at 84.0567 (Neutral) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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