Chart - Courtesy Trading View
NZD/USD plunges lower for the third consecutive session, outlook has turned bearish.
The pair has retraced below 200-DMA and broken below 23.6% Fib retracement.
Momentum has turned bearish, RSI has slipped below the 50 mark and is biased lower.
Price action has slipped below 200H MA, GMMA indicator has turned bearish on the intraday charts.
Upside remains capped at 21-EMA, 5-DMA is on verge of bearish crossover on 20-DMA.
MACD confirms bearish crossover on signal line, Chikou span is biased lower. Major and minor trend have turned bearish on the intraday charts.
Support levels - 0.6844 (110-EMA), 0.6837 (55-EMA), 0.6789 (50-DMA)
Resistance levels - 0.6891(21-EMA), 0.6904 (200-DMA), 0.6933 (200H MA)
Summary: NZD/USD trades with a bearish bias. Scope for test of 0.6790. Next major support lies at 200-week MA at 0.6721. Breach below will plummet prices.
