NZD/USD chart - Trading View
NZD/USD was trading rangebound at 0.5946 at around 09:15 GMT, bias bearish.
The major is consolidating break below daily cloud, scope for further weakness.
Analysis of GMMA indicator shows major and minor trend are strongly bearish.
Volatility is rising as evidenced by widening Bollinger bands. 'Bearish divergence' adds to downside bias.
Recovery is capped at daily cloud. Bearish 5-DMA crossover on 20-DMA to drag prices lower.
The pair is extending break below 50-DMA. Next immediate support lies at 38.2% Fib at 0.5906 ahead of 50% Fib at 0.5822.
Retrace above 50-DMA and daily cloud will negate any bearish bias.
