FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURAUD and EURJPY) for the day)
FxWirePro: NZD/USD Daily Outlook
Chart - Courtesy Trading View
NZD/USD was trading 0.53% lower on the day at 0.5698 at around 11:20 GMT.
The pair has resumed downside after a brief pause on the previous session, outlook remains bearish.
A pickup in the US Treasury bond yields, bolstered by faster Fed rate hikes bets, acts as a tailwind for the greenback, dragging the pair lower.
The risk-off impulse amid growing worries about a deeper global economic downturn also underpins the safe-haven buck.
Technical bias for the pair is bearish. Stochs and RSI are sharply lower. GMMA indicator shows major and minor trend is bearish.
Price action is below cloud and Chikou span is biased lower. MACD and ADX support downside in the pair.
Focus now on the release of the final Q2 GDP report and the usual Weekly Initial Jobless Claims data for impetus.
Support levels - 0.5685 (5-DMA), 0.5604 (Lower BB)
Resistance levels - 0.5787 (200H MA), 0.5899 (21-EMA)
Summary: NZD/USD was trading with a strong bearish bias. The pair has resumed weakness after a brief pause on Wednesday's trade. Scope for further weakness.