NZD/USD chart - Trading View
NZD/USD was trading largely rangebound at 0.6527 at around 04:30 GMT, outlook bearish.
The pair has slipped below 21-EMA and minor recovery attempts were capped at 21-EMA.
Price is holding strong support at daily cloud. Breach at cloud top will add downside pressure.
Risk for the NZD are more tilted to the downside as the Reserve Bank of New Zealand (RBNZ) is flagging negative rates.
The main focus today remains on New Zealand Trade Balance data for direction. Traders also await Federal Reserve Chairman Jerome Powell’s keynote address later this week at the Jackson Hole.
Technical bias for the pair is bearish. Scope for test of 23.6% Fib at 0.6421 ahead of 200-DMA at 0.6370. Violation at 200-DMA will open downside.
