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FxWirePro: NZD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- NZD/USD was trading 0.23% higher on the day at 0.6319 at around 11:00 GMT

- The pair has paused downside with a Doji formation on Monday's candle

- Price action is attempting to retrace above cloud top

- Momentum is bearish, Stochs are biased lower and RSI is below 50

- GMMA indicator shows major trend is bullish, while minor trend is bearish

Support levels:

S1: 0.6252 (110-EMA)

S2: 0.6187 (200-DMA)

Resistance levels:

R1: 0.6322 (55-EMA)

R2: 0.6382 (5-DMA)

Summary: Focus on speech from Fed chair Jerome Powell for cues about the central bank's likely monetary policy action ahead.

NZD/USD trades with a bearish bias. Scope for more downside. Decisive break above daily cloud will change near-term dynamics. 
 

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