Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- NZD/USD was trading 1.00% lower on the day at 0.6476 at around 11:15 GMT
- The major extends bearish streak for the sixth straight session
- Price has tested levels unseen since July 2020, more downside on cards
- MACD and ADX suggest more weakness in the pair
- The pair is extending downside after close below 200 SMA in the previous week
Support levels - 0.6440 (July 2020 low), 0.64
Resistance levels - 0.6566 (5-DMA), 0.6721 (21-EMA)
Summary: kiwi remains under pressure from risk aversion and growing geopolitical tensions. As negative sentiment is likely to persist due to escalating situation with economic and political impact from the war in Ukraine, more downside likely.
