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FxWirePro: NZD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- NZD/USD was trading 0.11% higher on the day at 0.6085 at around 09:15 GMT

- The pair has pared some losses and has recovered from over a two-year low

- GMMA indicator shows major and minor trend are strongly bearish

- MACD and ADX support downside in the pair, price action is below cloud

- Momentum is strongly bearish, Stochs and RSI are sharply lower

- Volatility is high and rising as evidenced by widening Bollinger bands

Support levels:

S1: 0.6015 (Lower BB)

S2: 0.60

Resistance levels:

R1: 0.6154 (200H MA)

R2: 0.6196 (21-EMA)

Summary: NZD/USD recovery lacks traction. Major trend is bearish and the pair is poised to extend downside. 
 

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