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NZD/USD chart - Trading View
NZD/USD was trading 0.07% higher on the day at 0.6047 at around 05:45 GMT, bias remains bearish.
The pair is struggling to hold on to early gains and has slipped lower from session highs at 0.6096 after weak Westpac Consumer Sentiment Index data.
Data released earlier today showed the Westpac Consumer Sentiment Index slid from 109.9 to 104.2 in the 1st quarter.
The Present Conditions Index fell from 110.1 to 103.4, with the Expected Conditions Index falling from 109.8 to 104.7.
The pair has entered into a major downtrend with long and short term moving averages on the GMMA indicator biased sharply lower.
Technical analysis is strongly bearish, further weakness on charts. No signs of reversal seen.
Little support seen till 0.5928 (June 2006 low). 5-DMA is immediate resistance at 0.6100. Break above 21-EMA (0.6250) could change near-term dynamics.
