Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- NZD/USD was trading 0.23% lower on the day at 0.6901 at around 10:20 GMT
- Price action is extending weakness for the 2nd consecutive session
- Gravestone Doji formation on Tuesday's candle dents upside in the pair
- MACD confirms bearish crossover on signal line, RSI is now biased lower
- Price action has slipped below 200H MA and is on verge of break below 200-DMA
- Stochs show bearish rollover from overbought levels and Chikou span is biased lower
Support levels - 0.6844 (110-EMA), 0.6837 (55-EMA), 0.6783 (50-DMA)
Resistance levels - 0.6905 (200-DMA), 0.6925 (5-DMA), 0.6955 (61.8% Fib)
Summary: NZD/USD pivotal at 200-DMA, decisive break below will add downside pressure. Retrace till 0.6780 likely.
