- NZD/USD is trading in a narrow range, consolidates previous session's slump.
- Recovery attempts in the pair lack traction. Techs are biased lower.
- The major trend in the pair has been bearish and recovery was capped at 21-EMA, price action has broken below 5-DMA.
- After brief consolidation below 21-EMA, we see that the pair is resuming weakness.
- Technical indicators on intraday charts are turning slightly bearish. Back-to-back dojis noted on the daily chart.
- Bearish divergence on the hourly charts keeps scope for downside. Price has broken below 0.68 handle.
- Scope for test of major trendline support at 0.6655. Further upside only on break above 21-EMA.
Support levels - 0.6687 (July 3 low), 0.6650 (trendline), 0.66
Resistance levels - 0.6807 (5-DMA), 0.6835 (21-EMA), 0.69
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -69.2591 (Neutral), while Hourly USD Spot Index was at 117.57 (Bullish) at 0825 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
