NZD/USD chart - Trading View
NZD/USD was trading 0.82% lower on the day at 0.7137 at around 10:00 GMT, failed to extend previous day's positive move.
A strong pickup in the US dollar demand across the board and softer risk tone acted as a headwind for the kiwi.
The US dollar ignored a surprise slowdown in US manufacturing growth and remained bid as markets bring forward expectations for higher interest rates.
Technical bias for the pair has turned bearish. Price action has breached 21-EMA support and has slipped below the daily cloud.
Oscillators have turned bearish. Stochs have rolled over from overbought levels and are now biased lower. RSI has slipped below the 50 mark.
Support levels - 0.7083 (110-EMA), 0.7025 (Trendline), 0.6941 (200-DMA)
Resistance levels - 0.7157 (21-EMA), 0.7195 (5-DMA), 0.72
Summary: NZD/USD trades with a bearish bias. Breach below cloud has raised scope for further weakness. Dip till 0.7025 likely.
